Voloridge Investment Management LLC Sells 213,843 Shares of MannKind Co. (NASDAQ:MNKD)

Voloridge Investment Management LLC cut its holdings in shares of MannKind Co. (NASDAQ:MNKD) by 16.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,066,754 shares of the biopharmaceutical company’s stock after selling 213,843 shares during the quarter. Voloridge Investment Management LLC’s holdings in MannKind were worth $6,859,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MNKD. Barclays PLC raised its holdings in MannKind by 186.0% in the 3rd quarter. Barclays PLC now owns 519,865 shares of the biopharmaceutical company’s stock worth $3,271,000 after purchasing an additional 338,121 shares in the last quarter. New Wave Wealth Advisors LLC grew its stake in MannKind by 78.6% in the fourth quarter. New Wave Wealth Advisors LLC now owns 50,000 shares of the biopharmaceutical company’s stock worth $322,000 after purchasing an additional 22,000 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in MannKind by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 58,475 shares of the biopharmaceutical company’s stock worth $376,000 after purchasing an additional 5,585 shares in the last quarter. Principal Financial Group Inc. raised its holdings in MannKind by 9.5% in the fourth quarter. Principal Financial Group Inc. now owns 184,575 shares of the biopharmaceutical company’s stock worth $1,187,000 after purchasing an additional 16,057 shares in the last quarter. Finally, Beirne Wealth Consulting Services LLC purchased a new position in MannKind during the fourth quarter valued at $66,000. Institutional investors own 49.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MNKD. Mizuho began coverage on shares of MannKind in a research report on Thursday, April 10th. They issued an “outperform” rating and a $12.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $11.00 price objective on shares of MannKind in a report on Thursday, February 27th. Finally, Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Wednesday, March 19th. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $10.00.

MannKind Stock Down 2.4%

Shares of NASDAQ MNKD opened at $4.12 on Monday. The firm has a market cap of $1.25 billion, a P/E ratio of 58.86 and a beta of 1.14. MannKind Co. has a twelve month low of $4.05 and a twelve month high of $7.63. The company has a 50 day moving average of $4.75 and a 200 day moving average of $5.64.

MannKind (NASDAQ:MNKD) last posted its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. The business had revenue of $78.35 million for the quarter, compared to analysts’ expectations of $75.86 million. During the same quarter in the prior year, the business earned $0.05 EPS. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. As a group, equities analysts expect that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In other news, EVP David Thomson sold 32,179 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the transaction, the executive vice president now owns 772,427 shares in the company, valued at $3,614,958.36. This represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven B. Binder sold 12,078 shares of MannKind stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $4.40, for a total transaction of $53,143.20. Following the transaction, the director now owns 989,343 shares in the company, valued at $4,353,109.20. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 126,746 shares of company stock worth $589,958. Insiders own 2.70% of the company’s stock.

MannKind Company 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.