Cornerstone Investment Partners LLC Acquires New Holdings in MannKind Co. (NASDAQ:MNKD)

Cornerstone Investment Partners LLC bought a new position in MannKind Co. (NASDAQ:MNKD) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 29,124 shares of the biopharmaceutical company’s stock, valued at approximately $187,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in MannKind by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,270,106 shares of the biopharmaceutical company’s stock worth $14,597,000 after buying an additional 45,277 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of MannKind by 3,294.8% in the fourth quarter. Jones Financial Companies Lllp now owns 6,586 shares of the biopharmaceutical company’s stock worth $42,000 after acquiring an additional 6,392 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of MannKind in the fourth quarter worth about $70,000. Los Angeles Capital Management LLC acquired a new stake in shares of MannKind during the fourth quarter worth about $86,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of MannKind by 7.0% during the 4th quarter. Bank of New York Mellon Corp now owns 789,760 shares of the biopharmaceutical company’s stock valued at $5,078,000 after purchasing an additional 51,598 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Price Performance

Shares of NASDAQ:MNKD opened at $5.15 on Wednesday. The company’s 50-day moving average price is $5.95 and its two-hundred day moving average price is $6.29. MannKind Co. has a one year low of $3.97 and a one year high of $7.63. The stock has a market capitalization of $1.56 billion, a PE ratio of 73.57 and a beta of 1.28.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $76.78 million for the quarter, compared to analyst estimates of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. On average, analysts anticipate that MannKind Co. will post 0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wedbush restated an “outperform” rating and set a $11.00 target price on shares of MannKind in a report on Thursday, February 27th. Wells Fargo & Company started coverage on shares of MannKind in a research report on Friday, December 20th. They set an “overweight” rating and a $9.00 price objective for the company. Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. Finally, StockNews.com upgraded MannKind from a “hold” rating to a “buy” rating in a report on Wednesday, February 26th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $9.21.

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.