KLP Kapitalforvaltning AS Takes $343,000 Position in MannKind Co. (NASDAQ:MNKD)

KLP Kapitalforvaltning AS acquired a new stake in shares of MannKind Co. (NASDAQ:MNKD) during the fourth quarter, Holdings Channel.com reports. The firm acquired 53,400 shares of the biopharmaceutical company’s stock, valued at approximately $343,000.

Other hedge funds have also bought and sold shares of the company. E Fund Management Co. Ltd. boosted its position in MannKind by 9.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 22,039 shares of the biopharmaceutical company’s stock valued at $142,000 after buying an additional 1,828 shares during the period. Xponance Inc. boosted its position in MannKind by 10.6% during the 4th quarter. Xponance Inc. now owns 19,067 shares of the biopharmaceutical company’s stock valued at $123,000 after acquiring an additional 1,828 shares in the last quarter. National Bank of Canada FI raised its position in shares of MannKind by 14.8% in the 3rd quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock worth $136,000 after acquiring an additional 2,783 shares in the last quarter. AXQ Capital LP raised its stake in shares of MannKind by 19.8% during the 4th quarter. AXQ Capital LP now owns 22,530 shares of the biopharmaceutical company’s stock worth $145,000 after acquiring an additional 3,717 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of MannKind by 3.0% in the 3rd quarter. Franklin Resources Inc. now owns 160,016 shares of the biopharmaceutical company’s stock worth $1,047,000 after purchasing an additional 4,603 shares in the last quarter. Institutional investors own 49.55% of the company’s stock.

Analyst Ratings Changes

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

MannKind Stock Down 2.9 %

MNKD stock opened at $4.74 on Friday. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 67.71 and a beta of 1.22. MannKind Co. has a 52-week low of $3.97 and a 52-week high of $7.63. The business has a fifty day moving average of $5.37 and a two-hundred day moving average of $6.16.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The company had revenue of $76.78 million for the quarter, compared to analysts’ expectations of $74.99 million. As a group, sell-side analysts anticipate 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.