MannKind Co. (MNKD) Shares Bought by Scopia Capital Management LP
Scopia Capital Management LP lifted its holdings in shares of MannKind Co. (NASDAQ:MNKD) by 47.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,666,498 shares of the biopharmaceutical company’s stock after purchasing an additional 537,045 shares during the period. Scopia Capital Management LP owned 1.09% of MannKind worth $3,166,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in MNKD. Schwab Charles Investment Management Inc. grew its holdings in shares of MannKind by 31.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 248,110 shares of the biopharmaceutical company’s stock worth $566,000 after purchasing an additional 59,682 shares during the last quarter. Tibra Equities Europe Ltd bought a new stake in shares of MannKind during the first quarter worth $608,000. Element Capital Management LLC bought a new stake in shares of MannKind during the first quarter worth $287,000. Millennium Management LLC grew its holdings in shares of MannKind by 544.7% during the first quarter. Millennium Management LLC now owns 1,039,696 shares of the biopharmaceutical company’s stock worth $2,371,000 after purchasing an additional 878,432 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in shares of MannKind during the second quarter worth $249,000. Institutional investors own 25.44% of the company’s stock.
Shares of MNKD traded down $0.02 during trading hours on Thursday, hitting $1.73. 39,879 shares of the stock traded hands, compared to its average volume of 9,682,854. The company has a quick ratio of 0.43, a current ratio of 0.48 and a debt-to-equity ratio of -0.44. MannKind Co. has a 1-year low of $0.98 and a 1-year high of $6.96. The firm has a market capitalization of $275.38 million, a PE ratio of -1.53 and a beta of 2.34.
Several equities analysts have recently issued reports on the company. Zacks Investment Research raised MannKind from a “hold” rating to a “buy” rating and set a $2.00 price target on the stock in a research note on Wednesday, May 16th. HC Wainwright set a $4.00 price target on MannKind and gave the company a “buy” rating in a research note on Wednesday, September 5th. ValuEngine raised MannKind from a “sell” rating to a “hold” rating in a research note on Saturday, June 2nd. BidaskClub raised MannKind from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. Finally, Maxim Group reaffirmed a “sell” rating on shares of MannKind in a research note on Friday, June 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. MannKind presently has an average rating of “Hold” and a consensus price target of $2.51.
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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