MannKind Corporation $MNKD Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in MannKind Corporation (NASDAQ:MNKD) by 51.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,047,869 shares of the biopharmaceutical company’s stock after acquiring an additional 695,852 shares during the quarter. JPMorgan Chase & Co. owned 0.67% of MannKind worth $10,997,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Rubric Capital Management LP acquired a new position in shares of MannKind during the third quarter valued at about $61,297,000. UBS Group AG grew its position in MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after purchasing an additional 3,088,820 shares during the last quarter. Wellington Management Group LLP grew its position in MannKind by 316.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock worth $18,622,000 after purchasing an additional 2,634,533 shares during the last quarter. Geode Capital Management LLC increased its stake in MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after purchasing an additional 831,478 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in MannKind by 25.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company’s stock valued at $15,206,000 after purchasing an additional 825,608 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on MNKD shares. Wedbush lowered their price objective on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a research report on Friday, February 27th. Wall Street Zen cut MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings downgraded MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Finally, Wells Fargo & Company cut their price objective on MannKind from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.06.

Insider Activity at MannKind

In other news, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $6.33, for a total transaction of $297,547.98. Following the sale, the insider owned 985,007 shares of the company’s stock, valued at $6,235,094.31. This trade represents a 4.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Castagna bought 100,000 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average cost of $2.59 per share, with a total value of $259,000.00. Following the completion of the acquisition, the chief executive officer owned 2,575,911 shares in the company, valued at approximately $6,671,609.49. This represents a 4.04% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 2.70% of the company’s stock.

MannKind Stock Performance

Shares of MNKD opened at $2.28 on Friday. The business’s 50-day moving average is $4.32 and its two-hundred day moving average is $5.10. The company has a market capitalization of $702.47 million, a P/E ratio of 114.06 and a beta of 0.83. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $111.96 million during the quarter, compared to analyst estimates of $99.85 million. MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. Analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

MannKind Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.