Raymond James Financial Inc. Takes Position in MannKind Co. (NASDAQ:MNKD)

Raymond James Financial Inc. bought a new stake in shares of MannKind Co. (NASDAQ:MNKD) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 654,624 shares of the biopharmaceutical company’s stock, valued at approximately $4,209,000. Raymond James Financial Inc. owned about 0.24% of MannKind as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Renaissance Technologies LLC increased its position in MannKind by 50.7% during the fourth quarter. Renaissance Technologies LLC now owns 981,645 shares of the biopharmaceutical company’s stock valued at $6,312,000 after acquiring an additional 330,100 shares during the last quarter. Federated Hermes Inc. grew its holdings in MannKind by 2.5% during the 4th quarter. Federated Hermes Inc. now owns 1,951,339 shares of the biopharmaceutical company’s stock valued at $12,547,000 after purchasing an additional 47,058 shares during the last quarter. ExodusPoint Capital Management LP raised its position in MannKind by 421.8% in the 4th quarter. ExodusPoint Capital Management LP now owns 444,599 shares of the biopharmaceutical company’s stock worth $2,859,000 after purchasing an additional 359,400 shares during the period. Geode Capital Management LLC lifted its stake in MannKind by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company’s stock worth $40,996,000 after purchasing an additional 35,346 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of MannKind by 275.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock valued at $31,427,000 after buying an additional 3,587,484 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Mizuho initiated coverage on MannKind in a report on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price target on the stock. 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, StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $9.56.

MannKind Trading Up 1.5 %

MNKD opened at $4.74 on Friday. The business’s fifty day simple moving average is $5.01 and its 200-day simple moving average is $5.94. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 67.71 and a beta of 1.22. MannKind Co. has a 12-month low of $4.11 and a 12-month high of $7.63.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, meeting 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 the consensus estimate of $74.99 million. On average, equities research analysts predict that MannKind Co. will post 0.1 EPS for the current 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.