9258 Wealth Management LLC Invests $51,000 in MannKind Co. (NASDAQ:MNKD)

9258 Wealth Management LLC bought a new position in MannKind Co. (NASDAQ:MNKD) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 11,264 shares of the biopharmaceutical company’s stock, valued at approximately $51,000.

Other hedge funds have also recently made changes to their positions in the company. Qube Research & Technologies Ltd raised its holdings in shares of MannKind by 41.8% during the third quarter. Qube Research & Technologies Ltd now owns 559,769 shares of the biopharmaceutical company’s stock valued at $2,312,000 after acquiring an additional 165,039 shares in the last quarter. Parkman Healthcare Partners LLC increased its position in MannKind by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after acquiring an additional 429,677 shares during the last quarter. GSA Capital Partners LLP purchased a new position in MannKind in the third quarter worth about $673,000. Invesco Ltd. increased its position in shares of MannKind by 1.6% during the 3rd quarter. Invesco Ltd. now owns 1,621,765 shares of the biopharmaceutical company’s stock valued at $6,698,000 after purchasing an additional 25,319 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of MannKind by 352.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 31,180 shares of the biopharmaceutical company’s stock worth $113,000 after purchasing an additional 24,288 shares during the period. 49.55% of the stock is currently owned by institutional investors.

MannKind Stock Performance

Shares of NASDAQ MNKD traded up $0.07 during midday trading on Thursday, reaching $5.60. The stock had a trading volume of 2,265,932 shares, compared to its average volume of 2,716,964. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 184.39 and a beta of 1.32. MannKind Co. has a 12-month low of $3.17 and a 12-month high of $5.75. The stock has a 50-day moving average of $4.79 and a 200-day moving average of $4.27.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. MannKind had a negative return on equity of 3.35% and a net margin of 3.78%. The business had revenue of $66.26 million during the quarter, compared to analyst estimates of $60.55 million. During the same quarter in the prior year, the business posted ($0.04) EPS. MannKind’s revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, analysts forecast that MannKind Co. will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP David Thomson sold 23,537 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $4.66, for a total transaction of $109,682.42. Following the sale, the executive vice president now directly owns 873,616 shares in the company, valued at approximately $4,071,050.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MNKD. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.50 target price on shares of MannKind in a report on Thursday, May 9th. Rodman & Renshaw assumed coverage on MannKind in a research report on Thursday, June 13th. They set a “buy” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

MannKind 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.