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

JPMorgan Chase & Co. lifted its holdings in MannKind Corporation (NASDAQ:MNKD) by 51.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & 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.’s holdings in MannKind were worth $10,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Swiss Life Asset Management Ltd purchased a new position in MannKind during the third quarter worth approximately $72,000. CTC Alternative Strategies Ltd. purchased a new stake in shares of MannKind in the third quarter valued at approximately $88,000. Ameriprise Financial Inc. raised its stake in shares of MannKind by 45.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,055 shares of the biopharmaceutical company’s stock worth $92,000 after buying an additional 5,300 shares during the period. Level Four Advisory Services LLC raised its stake in shares of MannKind by 12.5% during the 3rd quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock worth $93,000 after buying an additional 1,925 shares during the period. Finally, Marex Group plc purchased a new position in shares of MannKind during the 2nd quarter valued at approximately $95,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Price Performance

Shares of NASDAQ:MNKD opened at $2.28 on Friday. MannKind Corporation has a 1 year low of $2.23 and a 1 year high of $6.51. The firm has a market capitalization of $702.47 million, a PE ratio of 114.06 and a beta of 0.83. The business’s 50 day moving average price is $4.32 and its 200-day moving average price is $5.10.

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 analysts’ consensus estimates 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 analysts’ expectations of $99.85 million. During the same quarter in the previous year, the business posted $0.03 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, analysts expect that MannKind Corporation will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. Weiss Ratings cut shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Wall Street Zen lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Zacks Research cut shares of MannKind from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $3.50 target price (down from $7.50) on shares of MannKind in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.06.

Insider Transactions at MannKind

In other news, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $6.33, for a total value of $297,547.98. Following the transaction, the insider directly owned 985,007 shares of the company’s stock, valued at approximately $6,235,094.31. This trade represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Castagna purchased 100,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,575,911 shares of the company’s stock, valued at $6,671,609.49. The trade was a 4.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.70% of the stock is owned by corporate insiders.

MannKind Profile

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.