MannKind Co. (NASDAQ:MNKD) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. trimmed its stake in MannKind Co. (NASDAQ:MNKD - Free Report) by 69.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,871 shares of the biopharmaceutical company's stock after selling 283,000 shares during the period. Prudential Financial Inc.'s holdings in MannKind were worth $790,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Jones Financial Companies Lllp boosted its stake in MannKind by 3,294.8% in the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company's stock valued at $42,000 after acquiring an additional 6,392 shares in the last quarter. Beirne Wealth Consulting Services LLC purchased a new position in shares of MannKind during the fourth quarter worth $66,000. Marshall Investment Management LLC acquired a new stake in MannKind during the fourth quarter worth about $69,000. Proficio Capital Partners LLC purchased a new position in MannKind during the fourth quarter valued at approximately $70,000. Finally, Quantinno Capital Management LP acquired a new position in MannKind in the third quarter valued at approximately $85,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Up 0.4 %

Shares of MannKind stock traded up $0.02 during trading hours on Friday, reaching $4.66. 1,939,784 shares of the company's stock were exchanged, compared to its average volume of 2,400,589. The business has a fifty day moving average of $5.20 and a two-hundred day moving average of $6.07. The company has a market capitalization of $1.42 billion, a P/E ratio of 66.57 and a beta of 1.22. MannKind Co. has a 1 year low of $3.97 and a 1 year high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The business had revenue of $76.78 million for the quarter, compared to analyst estimates of $74.99 million. As a group, research analysts predict that MannKind Co. will post 0.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MNKD shares. Wedbush reaffirmed an "outperform" rating and set a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. Royal Bank of Canada upgraded MannKind from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. StockNews.com upgraded MannKind from a "hold" rating to a "buy" rating in a research note on Wednesday, March 19th. Wells Fargo & Company started coverage on MannKind in a report on Friday, December 20th. They issued an "overweight" rating and a $9.00 price objective on the stock. Finally, Mizuho assumed coverage on MannKind in a research report on Thursday. They issued an "outperform" rating and a $12.00 price objective for the company. Eight analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, MannKind presently has a consensus rating of "Buy" and an average price target of $9.56.

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.