Jacobs Levy Equity Management Inc. Makes New $12.25 Million Investment in MannKind Co. (NASDAQ:MNKD)

Jacobs Levy Equity Management Inc. purchased a new position in MannKind Co. (NASDAQ:MNKD - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,947,813 shares of the biopharmaceutical company's stock, valued at approximately $12,252,000. Jacobs Levy Equity Management Inc. owned 0.71% of MannKind as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in MannKind by 401.8% in the third quarter. Principal Financial Group Inc. now owns 168,518 shares of the biopharmaceutical company's stock worth $1,060,000 after purchasing an additional 134,937 shares in the last quarter. International Assets Investment Management LLC raised its holdings in MannKind by 511.6% in the third quarter. International Assets Investment Management LLC now owns 88,689 shares of the biopharmaceutical company's stock worth $558,000 after purchasing an additional 74,189 shares in the last quarter. SG Americas Securities LLC bought a new position in MannKind in the third quarter worth $546,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in MannKind by 15.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company's stock worth $11,859,000 after purchasing an additional 251,587 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in MannKind by 14.4% in the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company's stock worth $4,778,000 after purchasing an additional 115,390 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company's stock.

Wall Street Analysts Forecast Growth

MNKD has been the subject of a number of research reports. Leerink Partnrs upgraded MannKind to a "strong-buy" rating in a report on Monday, September 9th. StockNews.com upgraded MannKind from a "hold" rating to a "buy" rating in a report on Friday, November 29th. Leerink Partners started coverage on MannKind in a report on Monday, September 9th. They set an "outperform" rating and a $8.00 price target for the company. Finally, Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the company an "outperform" rating in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MannKind presently has a consensus rating of "Buy" and an average target price of $8.67.

MannKind Price Performance

NASDAQ MNKD traded down $0.07 during trading hours on Thursday, hitting $6.73. The company's stock had a trading volume of 2,747,110 shares, compared to its average volume of 2,647,925. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $7.63. The company's 50 day simple moving average is $6.72 and its two-hundred day simple moving average is $5.88. The company has a market cap of $1.86 billion, a P/E ratio of 97.14 and a beta of 1.28.

Insider Buying and Selling

In related news, Director Steven B. Binder sold 67,539 shares of MannKind stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $6.76, for a total value of $456,563.64. Following the completion of the sale, the director now directly owns 1,075,026 shares in the company, valued at approximately $7,267,175.76. This trade represents a 5.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the sale, the insider now owns 967,191 shares of the company's stock, valued at $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 190,075 shares of company stock worth $1,325,587. 3.00% of the stock is owned by corporate insiders.

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.