JPMorgan Chase & Co. Has $11 Million Stock Holdings in MannKind Corporation $MNKD

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

Several other institutional investors also recently bought and sold shares of MNKD. Calamos Advisors LLC acquired a new stake in shares of MannKind in the third quarter valued at about $1,240,000. Los Angeles Capital Management LLC grew its holdings in MannKind by 68.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock valued at $1,636,000 after buying an additional 177,440 shares during the last quarter. Geode Capital Management LLC grew its holdings in MannKind by 12.3% in 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 buying an additional 831,478 shares during the last quarter. 180 Wealth Advisors LLC increased its position in MannKind by 11.2% in the 3rd quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company’s stock worth $15,424,000 after buying an additional 290,276 shares during the period. Finally, TSP Capital Management Group LLC lifted its holdings in shares of MannKind by 7.2% during the second quarter. TSP Capital Management Group LLC now owns 2,982,575 shares of the biopharmaceutical company’s stock worth $11,155,000 after buying an additional 201,225 shares during the last quarter. 49.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MannKind

In other news, insider Stuart A. Tross sold 47,006 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $6.33, for a total value of $297,547.98. Following the transaction, the insider owned 985,007 shares of the company’s stock, valued at approximately $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 hyperlink. Also, CEO Michael Castagna sold 65,804 shares of MannKind stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the sale, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at approximately $15,053,799.92. This represents a 2.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 154,926 shares of company stock worth $945,726 in the last ninety days. 2.70% of the stock is currently owned by insiders.

MannKind Stock Down 4.1%

Shares of MNKD stock opened at $2.83 on Friday. The company has a market capitalization of $871.92 million, a P/E ratio of 141.57 and a beta of 0.83. MannKind Corporation has a 12-month low of $2.81 and a 12-month high of $6.51. The firm has a 50-day moving average price of $5.31 and a 200 day moving average price of $5.33.

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). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, research analysts expect that MannKind Corporation will post 0.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MNKD. Leerink Partners assumed coverage on shares of MannKind in a research report on Thursday, November 13th. They set an “outperform” rating and a $7.00 target price on the stock. Weiss Ratings lowered shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday. Wells Fargo & Company cut their price objective on shares of MannKind from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Truist Financial set a $9.00 target price on shares of MannKind in a research note on Monday, November 24th. Finally, Zacks Research downgraded MannKind from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.06.

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.