Alps Advisors Inc. Reduces Stock Position in MannKind Co. (NASDAQ:MNKD)

Alps Advisors Inc. lessened its stake in shares of MannKind Co. (NASDAQ:MNKD) by 3.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 378,119 shares of the biopharmaceutical company’s stock after selling 14,931 shares during the quarter. Alps Advisors Inc.’s holdings in MannKind were worth $473,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of MNKD. BlackRock Inc. grew its holdings in MannKind by 9.1% in the 2nd quarter. BlackRock Inc. now owns 14,271,602 shares of the biopharmaceutical company’s stock valued at $16,412,000 after buying an additional 1,189,746 shares during the period. Scopia Capital Management LP purchased a new stake in MannKind in the 2nd quarter valued at about $1,074,000. Vanguard Group Inc. grew its holdings in MannKind by 5.7% in the 2nd quarter. Vanguard Group Inc. now owns 9,827,368 shares of the biopharmaceutical company’s stock valued at $11,301,000 after buying an additional 526,309 shares during the period. Chicago Equity Partners LLC purchased a new stake in MannKind in the 2nd quarter valued at about $259,000. Finally, Wells Fargo & Company MN grew its holdings in MannKind by 48.2% in the 2nd quarter. Wells Fargo & Company MN now owns 419,501 shares of the biopharmaceutical company’s stock valued at $482,000 after buying an additional 136,449 shares during the period. Hedge funds and other institutional investors own 26.54% of the company’s stock.

MNKD has been the subject of several recent analyst reports. Cantor Fitzgerald initiated coverage on MannKind in a report on Thursday, October 24th. They issued an “overweight” rating and a $3.00 price target for the company. BidaskClub upgraded MannKind from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. ValuEngine upgraded MannKind from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, HC Wainwright restated a “buy” rating and issued a $2.50 price target on shares of MannKind in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. MannKind presently has an average rating of “Buy” and a consensus price target of $2.90.

MNKD opened at $1.17 on Thursday. The stock has a market capitalization of $238.92 million, a price-to-earnings ratio of -1.98 and a beta of 2.36. The business has a 50-day moving average of $1.29 and a two-hundred day moving average of $1.22. MannKind Co. has a 12 month low of $0.94 and a 12 month high of $2.34.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. The business had revenue of $14.60 million during the quarter, compared to analysts’ expectations of $15.03 million. During the same quarter last year, the firm earned ($0.16) EPS. Equities research analysts predict that MannKind Co. will post -0.29 EPS for the current year.

MannKind Company Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for diabetes and pulmonary arterial hypertension patients. It offers Afrezza, a dry powder formulation of human insulin that controls high blood sugar in adults with type 1 and type 2 diabetes in the United States.

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Institutional Ownership by Quarter for MannKind (NASDAQ:MNKD)

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