MannKind Co. (NASDAQ:MNKD) Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its holdings in MannKind Co. (NASDAQ:MNKD) by 275.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,887,609 shares of the biopharmaceutical company’s stock after buying an additional 3,587,484 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in MannKind were worth $31,427,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MNKD. Jones Financial Companies Lllp increased its stake in shares of MannKind by 3,294.8% in the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock worth $42,000 after buying an additional 6,392 shares during the last quarter. Beirne Wealth Consulting Services LLC bought a new stake in shares of MannKind in the 4th quarter worth about $66,000. Marshall Investment Management LLC acquired a new stake in shares of MannKind in the 4th quarter valued at about $69,000. Proficio Capital Partners LLC bought a new position in shares of MannKind during the fourth quarter worth about $70,000. Finally, Quantinno Capital Management LP acquired a new position in MannKind in the third quarter worth about $85,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MNKD. Wells Fargo & Company started coverage on MannKind in a research note on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock. Wedbush restated an “outperform” rating and set a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. Royal Bank of Canada upgraded shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, MannKind currently has a consensus rating of “Buy” and an average price target of $9.21.

MannKind Stock Performance

MNKD stock opened at $5.02 on Thursday. MannKind Co. has a 1 year low of $3.97 and a 1 year high of $7.63. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 71.71 and a beta of 1.22. The stock’s fifty day moving average is $5.42 and its two-hundred day moving average is $6.18.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The firm had revenue of $76.78 million for the quarter, compared to the consensus estimate of $74.99 million. As a group, analysts predict that MannKind Co. will post 0.1 EPS for the current fiscal year.

About MannKind

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults.