Farther Finance Advisors LLC Boosts Position in MannKind Corporation $MNKD

Farther Finance Advisors LLC increased its holdings in shares of MannKind Corporation (NASDAQ:MNKD) by 1,379.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,396 shares of the biopharmaceutical company’s stock after purchasing an additional 6,896 shares during the quarter. Farther Finance Advisors LLC’s holdings in MannKind were worth $28,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Blueshift Asset Management LLC purchased a new stake in MannKind during the first quarter worth approximately $51,000. Sowell Financial Services LLC purchased a new stake in MannKind during the first quarter worth approximately $56,000. Virtu Financial LLC purchased a new stake in MannKind in the first quarter valued at approximately $70,000. KBC Group NV purchased a new stake in MannKind in the first quarter valued at approximately $72,000. Finally, Jefferies Financial Group Inc. purchased a new stake in MannKind in the first quarter valued at approximately $79,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Price Performance

Shares of MNKD stock opened at $5.44 on Thursday. The business’s fifty day moving average price is $4.76 and its 200 day moving average price is $4.47. MannKind Corporation has a 1-year low of $3.38 and a 1-year high of $7.63. The firm has a market capitalization of $1.67 billion, a PE ratio of 49.46 and a beta of 1.08.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm 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 quarterly revenue was up 5.7% on a year-over-year basis. Equities research analysts expect that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen cut MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Wells Fargo & Company boosted their price objective on MannKind from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of MannKind in a research note on Wednesday. Royal Bank Of Canada boosted their price objective on MannKind from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 26th. Finally, Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.17.

Insiders Place Their Bets

In related news, insider Stuart A. Tross sold 47,000 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total transaction of $250,980.00. Following the transaction, the insider owned 1,032,013 shares of the company’s stock, valued at $5,510,949.42. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven B. Binder sold 75,367 shares of the company’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the transaction, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

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.