Raymond James Financial Inc. Makes New $4.21 Million Investment in MannKind Co. (NASDAQ:MNKD)

Raymond James Financial Inc. purchased a new stake in shares of MannKind Co. (NASDAQ:MNKD) during the fourth quarter, Holdings Channel reports. The fund purchased 654,624 shares of the biopharmaceutical company’s stock, valued at approximately $4,209,000.

Several other large investors have also recently modified their holdings of the business. Jones Financial Companies Lllp lifted its stake in shares of MannKind by 3,294.8% in the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock worth $42,000 after acquiring an additional 6,392 shares during the period. Beirne Wealth Consulting Services LLC bought a new position in MannKind during the 4th quarter worth approximately $66,000. Marshall Investment Management LLC acquired a new position in shares of MannKind in the 4th quarter worth approximately $69,000. Proficio Capital Partners LLC bought a new stake in shares of MannKind in the 4th quarter valued at $70,000. Finally, Quantinno Capital Management LP acquired a new stake in shares of MannKind during the third quarter worth $85,000. Institutional investors own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of research analyst reports. Wells Fargo & Company began coverage on shares of MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price target on the stock. StockNews.com raised MannKind from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $7.00 to $10.00 in a report on Thursday, December 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $11.00 price objective on shares of MannKind in a research note on Thursday, February 27th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, MannKind presently has an average rating of “Buy” and an average price target of $9.21.

MannKind Trading Down 3.1 %

NASDAQ MNKD opened at $5.06 on Thursday. The company has a market cap of $1.54 billion, a P/E ratio of 72.29 and a beta of 1.27. The company has a fifty day simple moving average of $5.52 and a 200 day simple moving average of $6.22. MannKind Co. has a 12-month low of $3.97 and a 12-month high of $7.63.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The firm had revenue of $76.78 million during the quarter, compared to the consensus estimate of $74.99 million. Sell-side analysts predict that MannKind Co. will post 0.1 EPS for the current year.

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.