Raymond James Financial Inc. Has $3.33 Million Stake in MannKind Corporation $MNKD

Raymond James Financial Inc. raised its holdings in MannKind Corporation (NASDAQ:MNKD) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 662,821 shares of the biopharmaceutical company’s stock after acquiring an additional 8,197 shares during the period. Raymond James Financial Inc. owned about 0.22% of MannKind worth $3,334,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MNKD. GF Fund Management CO. LTD. acquired a new position in MannKind in the fourth quarter valued at about $37,000. Blueshift Asset Management LLC acquired a new position in MannKind in the first quarter valued at about $51,000. Sowell Financial Services LLC acquired a new position in MannKind in the first quarter valued at about $56,000. Virtu Financial LLC acquired a new stake in shares of MannKind in the 1st quarter valued at about $70,000. Finally, Waverly Advisors LLC acquired a new stake in shares of MannKind in the 4th quarter valued at about $72,000. 49.55% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the company’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the sale, the director owned 830,508 shares in the company, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.00% of the company’s stock.

MannKind Stock Performance

MNKD opened at $5.54 on Monday. MannKind Corporation has a 52-week low of $3.38 and a 52-week high of $7.63. The firm has a market capitalization of $1.70 billion, a PE ratio of 50.37 and a beta of 1.02. The business’s 50-day simple moving average is $4.00 and its 200 day simple moving average is $4.42.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. MannKind’s revenue was up 5.7% on a year-over-year basis. On average, research analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on MNKD shares. Wells Fargo & Company lifted their price target on MannKind from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. HC Wainwright lifted their price target on MannKind from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Oppenheimer lifted their price target on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Royal Bank Of Canada lifted their price target on MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $10.71.

About MannKind

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.