Raymond James Financial Inc. Takes $4.21 Million Position in MannKind Co. (NASDAQ:MNKD)

Raymond James Financial Inc. purchased a new stake in shares of MannKind Co. (NASDAQ:MNKD - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 654,624 shares of the biopharmaceutical company's stock, valued at approximately $4,209,000. Raymond James Financial Inc. owned 0.24% of MannKind at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MNKD. Jones Financial Companies Lllp increased its position in MannKind by 3,294.8% during the 4th quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company's stock valued at $42,000 after purchasing an additional 6,392 shares during the period. Beirne Wealth Consulting Services LLC purchased a new position in MannKind during the fourth quarter valued at approximately $66,000. Marshall Investment Management LLC bought a new position in MannKind in the fourth quarter worth approximately $69,000. Proficio Capital Partners LLC purchased a new stake in MannKind during the fourth quarter worth $70,000. Finally, Quantinno Capital Management LP bought a new stake in MannKind during the 3rd quarter valued at $85,000. 49.55% of the stock is currently owned by institutional investors.

MannKind Stock Down 1.4 %

Shares of MannKind stock traded down $0.07 during midday trading on Friday, hitting $5.03. The company had a trading volume of 1,299,174 shares, compared to its average volume of 2,394,693. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 71.86 and a beta of 1.27. MannKind Co. has a 12-month low of $3.97 and a 12-month high of $7.63. The company has a fifty day simple moving average of $5.49 and a 200 day simple moving average of $6.21.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on MNKD. Wedbush reissued an "outperform" rating and issued a $11.00 price target on shares of MannKind in a research report on Thursday, February 27th. Wells Fargo & Company initiated coverage on shares of MannKind in a report on Friday, December 20th. They issued an "overweight" rating and a $9.00 target price for the company. StockNews.com upgraded shares of MannKind from a "hold" rating to a "buy" rating in a report on Wednesday, March 19th. Finally, Royal Bank of Canada upgraded shares of MannKind from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $9.21.

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.