Hennion & Walsh Asset Management Inc. Sells 2,469 Shares of MannKind Co. (NASDAQ:MNKD)

Hennion & Walsh Asset Management Inc. reduced its stake in MannKind Co. (NASDAQ:MNKD) by 1.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 242,046 shares of the biopharmaceutical company’s stock after selling 2,469 shares during the period. Hennion & Walsh Asset Management Inc. owned approximately 0.09% of MannKind worth $1,556,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MNKD. Commonwealth Equity Services LLC grew its position in MannKind by 6.0% during the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after buying an additional 3,861 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of MannKind in the second quarter worth approximately $1,524,000. Renaissance Technologies LLC bought a new stake in MannKind during the second quarter valued at approximately $67,000. AQR Capital Management LLC grew its stake in MannKind by 8.1% in the 2nd quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock worth $223,000 after buying an additional 3,214 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its holdings in shares of MannKind by 17.5% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 196,577 shares of the biopharmaceutical company’s stock worth $1,026,000 after buying an additional 29,299 shares during the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $6.01 on Friday. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 85.86 and a beta of 1.29. The stock’s 50-day simple moving average is $6.57 and its two-hundred day simple moving average is $6.24. MannKind Co. has a 52-week low of $3.17 and a 52-week high of $7.63.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wells Fargo & Company began coverage on MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective on the stock. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, MannKind has an average rating of “Buy” and an average price target of $9.07.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 67,536 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at $7,406,929.14. This represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stuart A. Tross sold 55,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $7.34, for a total value of $403,700.00. Following the transaction, the insider now directly owns 967,191 shares in the company, valued at $7,099,181.94. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 190,075 shares of company stock valued at $1,325,587. Insiders own 3.00% of the company’s stock.

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.