Cannon Global Investment Management LLC Makes New Investment in MannKind Co. (NASDAQ:MNKD)

Cannon Global Investment Management LLC acquired a new position in shares of MannKind Co. (NASDAQ:MNKD) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 27,900 shares of the biopharmaceutical company’s stock, valued at approximately $175,000.

A number of other institutional investors have also recently bought and sold shares of the business. US Bancorp DE acquired a new stake in MannKind during the 3rd quarter worth about $407,000. China Universal Asset Management Co. Ltd. boosted its position in MannKind by 65.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 52,890 shares of the biopharmaceutical company’s stock worth $333,000 after acquiring an additional 20,896 shares during the period. Hunter Associates Investment Management LLC boosted its position in MannKind by 8.5% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 61,700 shares of the biopharmaceutical company’s stock worth $387,000 after acquiring an additional 4,830 shares during the period. Semanteon Capital Management LP acquired a new stake in MannKind during the 3rd quarter worth about $138,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in MannKind by 22.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,816 shares during the period. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Price Performance

MNKD traded up $0.10 on Friday, hitting $7.17. The company had a trading volume of 2,469,425 shares, compared to its average volume of 1,859,941. The company’s fifty day moving average price is $6.40 and its 200 day moving average price is $5.46. MannKind Co. has a 1-year low of $3.17 and a 1-year high of $7.30. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 179.29 and a beta of 1.30.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The company had revenue of $72.39 million for the quarter, compared to the consensus estimate of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The company’s revenue for the quarter was up 48.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) EPS. On average, sell-side analysts forecast that MannKind Co. will post 0.11 EPS for the current year.

Insider Activity

In related news, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the sale, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MannKind news, insider Stuart A. Tross sold 80,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 195,161 shares of company stock worth $1,229,095. Company insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on MNKD. Leerink Partners began coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target for the company. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a report on Monday, September 9th. Finally, Oppenheimer lifted their price target on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.67.

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.