MannKind Co. (NASDAQ:MNKD) Position Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in shares of MannKind Co. (NASDAQ:MNKD - Free Report) by 401.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 168,518 shares of the biopharmaceutical company's stock after buying an additional 134,937 shares during the quarter. Principal Financial Group Inc. owned 0.06% of MannKind worth $1,060,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of MannKind by 22.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company's stock worth $62,000 after acquiring an additional 1,816 shares during the last quarter. National Bank of Canada FI raised its holdings 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 purchasing an additional 2,783 shares in the last quarter. AQR Capital Management LLC boosted its position in MannKind by 8.1% during the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company's stock valued at $223,000 after acquiring an additional 3,214 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of MannKind by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company's stock worth $529,000 after acquiring an additional 3,374 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in MannKind by 6.0% in the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company's stock worth $357,000 after acquiring an additional 3,861 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

Insider Activity at MannKind

In other MannKind news, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the transaction, the director now owns 1,075,026 shares in the company, valued at approximately $7,406,929.14. The trade was a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stuart A. Tross sold 55,000 shares of MannKind stock in a transaction dated Wednesday, November 6th. The shares were 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. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 190,075 shares of company stock valued at $1,325,587 over the last 90 days. 3.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on MNKD shares. Leerink Partnrs raised shares of MannKind to a "strong-buy" rating in a report on Monday, September 9th. Royal Bank of Canada raised MannKind from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Wells Fargo & Company initiated coverage on MannKind in a research note on Friday, December 20th. They issued an "overweight" rating and a $9.00 price objective for the company. StockNews.com downgraded shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, December 7th. Finally, Leerink Partners started coverage on shares of MannKind in a research note on Monday, September 9th. They set an "outperform" rating and a $8.00 target price for the company. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $9.07.

MannKind Price Performance

Shares of MNKD stock traded down $0.12 during trading on Friday, reaching $6.48. The company's stock had a trading volume of 1,716,586 shares, compared to its average volume of 2,426,093. MannKind Co. has a 1-year low of $3.17 and a 1-year high of $7.63. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 92.57 and a beta of 1.29. The stock's 50-day moving average price is $6.77 and its 200 day moving average price is $6.18.

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.