Mitsubishi UFJ Asset Management Co. Ltd. Buys Shares of 67,889 MannKind Corporation $MNKD

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of MannKind Corporation (NASDAQ:MNKD) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 67,889 shares of the biopharmaceutical company’s stock, valued at approximately $254,000.

Other large investors have also made changes to their positions in the company. Quaker Wealth Management LLC lifted its stake in shares of MannKind by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 14,000 shares during the period. Farther Finance Advisors LLC lifted its position in shares of MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 6,896 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of MannKind during the 2nd quarter valued at approximately $42,000. Master S Wealth Management Inc. purchased a new stake in shares of MannKind during the 2nd quarter worth approximately $44,000. Finally, Blueshift Asset Management LLC acquired a new stake in shares of MannKind in the 1st quarter worth approximately $51,000. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Insider Buying and Selling at MannKind

In other MannKind news, EVP Sanjay R. Singh sold 18,777 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $5.03, for a total transaction of $94,448.31. Following the transaction, the executive vice president owned 455,211 shares of the company’s stock, valued at $2,289,711.33. This represents a 3.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Stuart A. Tross sold 47,000 shares of MannKind stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $5.34, for a total value of $250,980.00. Following the completion of the sale, the insider directly owned 1,032,013 shares of the company’s stock, valued at approximately $5,510,949.42. This represents a 4.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.

MannKind Price Performance

MannKind stock opened at $5.06 on Friday. The stock has a market capitalization of $1.55 billion, a P/E ratio of 46.00 and a beta of 1.11. MannKind Corporation has a 12-month low of $3.38 and a 12-month high of $7.07. The firm’s 50-day moving average is $5.43 and its two-hundred day moving average is $4.58.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business had revenue of $82.13 million during the quarter, compared to analyst estimates of $80.47 million. During the same quarter in the previous year, the business posted $0.04 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. As a group, analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Wall Street Analysts Forecast Growth

MNKD has been the subject of several research reports. Royal Bank Of Canada reduced their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, November 11th. Leerink Partners started coverage on MannKind in a research note on Thursday. They set an “outperform” rating and a $7.00 price target for the company. HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Monday, November 10th. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Finally, Wells Fargo & Company reduced their price target on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.21.

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.