Los Angeles Capital Management LLC Buys 177,440 Shares of MannKind Corporation $MNKD

Los Angeles Capital Management LLC grew its stake in MannKind Corporation (NASDAQ:MNKD) by 68.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 437,316 shares of the biopharmaceutical company’s stock after purchasing an additional 177,440 shares during the quarter. Los Angeles Capital Management LLC’s holdings in MannKind were worth $1,636,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MNKD. Nuveen LLC bought a new position in MannKind in the 1st quarter worth about $17,011,000. Millennium Management LLC raised its holdings in MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after buying an additional 2,375,198 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock worth $87,131,000 after buying an additional 1,263,622 shares in the last quarter. Trexquant Investment LP grew its holdings in shares of MannKind by 743.3% during the first quarter. Trexquant Investment LP now owns 702,240 shares of the biopharmaceutical company’s stock valued at $3,532,000 after buying an additional 618,972 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in MannKind by 17.6% in the 2nd quarter. 180 Wealth Advisors LLC now owns 2,582,010 shares of the biopharmaceutical company’s stock worth $9,657,000 after acquiring an additional 387,306 shares during the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Stock Down 3.1%

Shares of NASDAQ:MNKD opened at $5.25 on Wednesday. The stock has a market capitalization of $1.61 billion, a PE ratio of 47.73 and a beta of 1.11. The firm’s 50 day moving average price is $5.45 and its 200-day moving average price is $4.57. MannKind Corporation has a twelve month low of $3.38 and a twelve month high of $7.44.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. During the same period in the prior year, the company earned $0.04 earnings per share. The firm’s revenue was up 17.1% on a year-over-year basis. Analysts expect that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Stuart A. Tross sold 47,000 shares of MannKind stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total transaction of $250,980.00. Following the transaction, the insider directly owned 1,032,013 shares in the company, valued at approximately $5,510,949.42. The trade was a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Wells Fargo & Company lowered their target price on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday. Wall Street Zen raised shares of MannKind from a “hold” rating to a “buy” rating in a report on Saturday. HC Wainwright reissued a “buy” rating on shares of MannKind in a report on Monday. Finally, Oppenheimer raised their target price on shares of MannKind from $12.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.50.

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.