Victory Capital Management Inc. Boosts Stock Position in MannKind Co. (NASDAQ:MNKD)

Victory Capital Management Inc. grew its stake in shares of MannKind Co. (NASDAQ:MNKD - Free Report) by 358.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 219,367 shares of the biopharmaceutical company's stock after buying an additional 171,537 shares during the period. Victory Capital Management Inc. owned 0.08% of MannKind worth $1,411,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp grew its position in MannKind by 3,294.8% during 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 during the last quarter. Beirne Wealth Consulting Services LLC bought a new position in MannKind during the fourth quarter valued at approximately $66,000. Marshall Investment Management LLC bought a new position in MannKind during the fourth quarter valued at approximately $69,000. Proficio Capital Partners LLC bought a new position in MannKind during the fourth quarter valued at approximately $70,000. Finally, Quantinno Capital Management LP bought a new position in MannKind during the third quarter valued at approximately $85,000. 49.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Royal Bank of Canada raised MannKind from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $7.00 to $10.00 in a research note on Thursday, December 19th. StockNews.com raised MannKind from a "hold" rating to a "buy" rating in a research note on Wednesday. Wedbush reissued an "outperform" rating and set a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. Finally, Wells Fargo & Company initiated coverage on MannKind in a research note on Friday, December 20th. They set an "overweight" rating and a $9.00 price objective for the company. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $9.21.

Remove Ads

MannKind Stock Down 0.8 %

Shares of NASDAQ:MNKD traded down $0.04 on Friday, hitting $5.22. 2,505,191 shares of the company traded hands, compared to its average volume of 2,388,693. MannKind Co. has a 52 week low of $3.97 and a 52 week high of $7.63. The stock has a 50 day simple moving average of $5.58 and a 200-day simple moving average of $6.24. The company has a market cap of $1.58 billion, a PE ratio of 74.57 and a beta of 1.27.

MannKind (NASDAQ:MNKD - Get Free Report) last released 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. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The company had revenue of $76.78 million during the quarter, compared to the consensus estimate of $74.99 million. As a group, sell-side analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current year.

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.