MannKind Corporation $MNKD Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its position in shares of MannKind Corporation (NASDAQ:MNKD) by 51.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,047,869 shares of the biopharmaceutical company’s stock after purchasing an additional 695,852 shares during the period. JPMorgan Chase & Co. owned approximately 0.67% of MannKind worth $10,997,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MNKD. Cibc World Market Inc. acquired a new stake in shares of MannKind during the third quarter worth approximately $100,000. Principal Financial Group Inc. lifted its position in shares of MannKind by 62.2% during the third quarter. Principal Financial Group Inc. now owns 232,708 shares of the biopharmaceutical company’s stock worth $1,250,000 after purchasing an additional 89,264 shares during the last quarter. New York State Common Retirement Fund grew its stake in MannKind by 37.4% in the third quarter. New York State Common Retirement Fund now owns 96,699 shares of the biopharmaceutical company’s stock worth $519,000 after purchasing an additional 26,300 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in MannKind by 96.6% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 31,001 shares of the biopharmaceutical company’s stock valued at $166,000 after buying an additional 15,236 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in MannKind by 102.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 36,791 shares of the biopharmaceutical company’s stock valued at $208,000 after buying an additional 18,586 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Insider Activity

In other MannKind news, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the completion of the sale, the insider directly owned 985,007 shares in the company, valued at approximately $6,235,094.31. This trade represents a 4.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the sale, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at approximately $15,053,799.92. This represents a 2.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 154,926 shares of company stock valued at $945,726. Corporate insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MNKD shares. Weiss Ratings downgraded MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $3.50 price objective (down from $7.50) on shares of MannKind in a report on Friday, February 27th. Wells Fargo & Company dropped their target price on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of MannKind in a research report on Wednesday, February 25th. Finally, Leerink Partners began coverage on shares of MannKind in a research report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.06.

MannKind Trading Down 4.1%

Shares of NASDAQ:MNKD opened at $2.83 on Friday. The company has a 50 day moving average of $5.31 and a 200-day moving average of $5.33. The firm has a market cap of $871.92 million, a P/E ratio of 141.57 and a beta of 0.83. MannKind Corporation has a twelve month low of $2.81 and a twelve month high of $6.51.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The firm had revenue of $111.96 million during the quarter, compared to analyst estimates of $99.85 million. During the same quarter last year, the company earned $0.03 EPS. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. Equities research analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.