Caxton Associates LP Lowers Position in MannKind Co. (NASDAQ:MNKD)

Caxton Associates LP decreased its position in shares of MannKind Co. (NASDAQ:MNKD) by 65.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 27,767 shares of the biopharmaceutical company’s stock after selling 52,526 shares during the period. Caxton Associates LP’s holdings in MannKind were worth $179,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership raised its holdings in MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company’s stock worth $31,427,000 after purchasing an additional 3,587,484 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of MannKind by 40.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,958,219 shares of the biopharmaceutical company’s stock worth $19,022,000 after acquiring an additional 855,261 shares in the last quarter. First Trust Advisors LP bought a new stake in MannKind during the fourth quarter worth about $4,998,000. Bank of America Corp DE boosted its stake in MannKind by 29.5% during the fourth quarter. Bank of America Corp DE now owns 3,364,313 shares of the biopharmaceutical company’s stock worth $21,633,000 after acquiring an additional 765,483 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in MannKind in the fourth quarter worth about $4,209,000. Institutional investors own 49.55% of the company’s stock.

MannKind Stock Performance

NASDAQ MNKD opened at $4.64 on Friday. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 66.21 and a beta of 1.14. The stock has a 50-day moving average of $4.90 and a 200 day moving average of $5.84. MannKind Co. has a one year low of $4.17 and a one year high of $7.63.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The firm had revenue of $78.35 million during the quarter, compared to analysts’ expectations of $75.86 million. During the same period in the previous year, the company earned $0.05 earnings per share. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. On average, equities analysts predict that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MNKD shares. StockNews.com upgraded MannKind from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Wedbush restated an “outperform” rating and set a $11.00 price target on shares of MannKind in a report on Thursday, February 27th. Finally, Mizuho initiated coverage on shares of MannKind in a research note on Thursday, April 10th. They issued an “outperform” rating and a $12.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $9.56.

MannKind 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.