Bank of New York Mellon Corp Increases Position in MannKind Co. (NASDAQ:MNKD)

Bank of New York Mellon Corp lifted its holdings in MannKind Co. (NASDAQ:MNKD) by 7.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 789,760 shares of the biopharmaceutical company’s stock after purchasing an additional 51,598 shares during the period. Bank of New York Mellon Corp’s holdings in MannKind were worth $5,078,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Beirne Wealth Consulting Services LLC bought a new position in MannKind in the 4th quarter valued at $66,000. Marshall Investment Management LLC purchased a new stake in shares of MannKind during the fourth quarter valued at $69,000. Quantinno Capital Management LP bought a new position in shares of MannKind in the third quarter worth about $85,000. National Bank of Canada FI increased its stake in MannKind by 14.8% in the 3rd quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock worth $136,000 after buying an additional 2,783 shares during the period. Finally, XTX Topco Ltd lifted its holdings in MannKind by 104.4% during the 3rd quarter. XTX Topco Ltd now owns 45,248 shares of the biopharmaceutical company’s stock valued at $285,000 after buying an additional 23,111 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Stock Up 0.8 %

Shares of NASDAQ:MNKD opened at $5.24 on Tuesday. The firm has a 50 day moving average of $5.65 and a 200 day moving average of $6.26. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 74.86 and a beta of 1.27. MannKind Co. has a 52 week low of $3.97 and a 52 week high of $7.63.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The firm had revenue of $76.78 million during the quarter, compared to analyst estimates of $74.99 million. On average, sell-side analysts expect that MannKind Co. will post 0.1 EPS for the current year.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of research analyst reports. StockNews.com upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Wells Fargo & Company began coverage on MannKind in a research note on Friday, December 20th. They issued 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 report on Thursday, February 27th. Finally, Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Eight 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 an average rating of “Buy” and a consensus target price of $9.21.

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.