HighTower Advisors LLC Buys 107,560 Shares of MannKind Co. (NASDAQ:MNKD)

HighTower Advisors LLC lifted its holdings in MannKind Co. (NASDAQ:MNKD - Free Report) by 300.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 143,393 shares of the biopharmaceutical company's stock after purchasing an additional 107,560 shares during the quarter. HighTower Advisors LLC owned 0.05% of MannKind worth $903,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of MNKD. Millennium Management LLC raised its position in shares of MannKind by 189.8% during the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company's stock valued at $24,766,000 after buying an additional 3,107,598 shares in the last quarter. BNP Paribas Financial Markets increased its stake in MannKind by 421.3% during the third quarter. BNP Paribas Financial Markets now owns 471,802 shares of the biopharmaceutical company's stock worth $2,968,000 after acquiring an additional 381,298 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in MannKind during the second quarter valued at approximately $1,524,000. Dark Forest Capital Management LP lifted its stake in shares of MannKind by 1,551.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company's stock valued at $1,441,000 after purchasing an additional 259,257 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of MannKind by 15.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,885,370 shares of the biopharmaceutical company's stock valued at $11,859,000 after purchasing an additional 251,587 shares during the last quarter. Institutional investors own 49.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MNKD shares. StockNews.com lowered MannKind from a "buy" rating to a "hold" rating in a report on Saturday, December 7th. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an "outperform" rating and a $8.00 target price on the stock. Oppenheimer lifted their price target on shares of MannKind from $10.00 to $12.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 28th. Finally, Leerink Partnrs raised shares of MannKind to a "strong-buy" rating in a research report on Monday, September 9th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, MannKind currently has an average rating of "Buy" and an average price target of $8.67.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 67,539 shares of the company's stock in a transaction dated Friday, November 15th. The shares were 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 of the company's stock, valued at $7,267,175.76. This represents a 5.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total transaction of $403,700.00. Following the transaction, the insider now owns 967,191 shares in the company, valued at approximately $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. Insiders have sold 190,075 shares of company stock worth $1,325,587 in the last three months. Corporate insiders own 3.00% of the company's stock.

MannKind Stock Up 0.2 %

MNKD stock traded up $0.01 during trading on Wednesday, hitting $5.94. The company had a trading volume of 4,835,139 shares, compared to its average volume of 2,658,119. MannKind Co. has a 52-week low of $3.17 and a 52-week high of $7.63. The company has a 50 day simple moving average of $6.75 and a 200-day simple moving average of $6.01. The firm has a market capitalization of $1.64 billion, a P/E ratio of 84.86 and a beta of 1.28.

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.