Renaissance Technologies LLC Increases Stake in MannKind Co. (NASDAQ:MNKD)

Renaissance Technologies LLC raised its holdings in MannKind Co. (NASDAQ:MNKD - Free Report) by 50.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 981,645 shares of the biopharmaceutical company's stock after purchasing an additional 330,100 shares during the quarter. Renaissance Technologies LLC owned 0.36% of MannKind worth $6,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Barclays PLC raised its stake in MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company's stock valued at $3,271,000 after acquiring an additional 338,121 shares during the period. Principal Financial Group Inc. increased its stake in shares of 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. Victory Capital Management Inc. raised its position in shares of MannKind by 358.6% in the fourth quarter. Victory Capital Management Inc. now owns 219,367 shares of the biopharmaceutical company's stock valued at $1,411,000 after purchasing an additional 171,537 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of MannKind by 275.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock valued at $31,427,000 after buying an additional 3,587,484 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in MannKind by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,270,106 shares of the biopharmaceutical company's stock worth $14,597,000 after buying an additional 45,277 shares during the period. 49.55% of the stock is currently owned by institutional investors.

MannKind Stock Performance

NASDAQ:MNKD traded up $0.06 during trading hours on Thursday, reaching $4.67. The company's stock had a trading volume of 222,098 shares, compared to its average volume of 2,394,120. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 66.50 and a beta of 1.22. The firm has a 50-day simple moving average of $5.04 and a 200-day simple moving average of $5.97. MannKind Co. has a 1 year low of $4.11 and a 1 year high of $7.63.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MNKD shares. Wedbush reiterated an "outperform" rating and issued a $11.00 price target on shares of MannKind in a research report on Thursday, February 27th. StockNews.com upgraded MannKind from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Finally, Mizuho initiated coverage on shares of MannKind in a research note on Thursday, April 10th. They set 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 given a strong buy rating to the company. According to data from 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.