Proficio Capital Partners LLC Purchases New Position in MannKind Co. (NASDAQ:MNKD)

Proficio Capital Partners LLC acquired a new position in shares of MannKind Co. (NASDAQ:MNKD) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 10,963 shares of the biopharmaceutical company’s stock, valued at approximately $70,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MNKD. Jones Financial Companies Lllp increased its position in MannKind by 3,294.8% during 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 period. Beirne Wealth Consulting Services LLC purchased a new position in shares of MannKind during the fourth quarter worth approximately $66,000. Marshall Investment Management LLC acquired a new position in shares of MannKind in the 4th quarter valued at $69,000. Quantinno Capital Management LP purchased a new stake in MannKind in the 3rd quarter valued at $85,000. Finally, Los Angeles Capital Management LLC acquired a new stake in MannKind during the 4th quarter worth $86,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Price Performance

MannKind stock opened at $5.03 on Friday. The stock’s 50 day moving average price is $5.49 and its 200 day moving average price is $6.20. MannKind Co. has a 1-year low of $3.97 and a 1-year high of $7.63. The company has a market cap of $1.53 billion, a PE ratio of 71.86 and a beta of 1.27.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $76.78 million for the quarter, compared to analysts’ expectations of $74.99 million. On average, equities research analysts anticipate that MannKind Co. will post 0.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

MannKind Company Profile

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.