Vanguard Group Inc. increased its stake in shares of MannKind Corporation (NASDAQ:MNKD – Free Report) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,880,873 shares of the biopharmaceutical company’s stock after buying an additional 250,290 shares during the quarter. Vanguard Group Inc. owned about 0.06% of MannKind worth $101,385,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC acquired a new stake in MannKind during the fourth quarter worth approximately $59,000. Swiss Life Asset Management Ltd acquired a new stake in MannKind during the third quarter worth approximately $72,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in MannKind during the fourth quarter worth approximately $74,000. Mirae Asset Global Investments Co. Ltd. grew its position in MannKind by 25.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,922 shares of the biopharmaceutical company’s stock worth $85,000 after buying an additional 3,060 shares in the last quarter. Finally, CTC Alternative Strategies Ltd. acquired a new stake in MannKind during the third quarter worth approximately $88,000. Institutional investors and hedge funds own 49.55% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Michael Castagna purchased 100,000 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $2.59 per share, for a total transaction of $259,000.00. Following the purchase, the chief executive officer owned 2,575,911 shares of the company’s stock, valued at approximately $6,671,609.49. The trade was a 4.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven B. Binder sold 16,940 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total value of $55,732.60. Following the completion of the transaction, the director owned 808,008 shares of the company’s stock, valued at $2,658,346.32. The trade was a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
View Our Latest Analysis on MNKD
MannKind Stock Performance
Shares of MNKD stock opened at $3.21 on Thursday. The stock’s fifty day moving average price is $2.74 and its two-hundred day moving average price is $4.53. The company has a market cap of $991.73 million, a PE ratio of -45.85 and a beta of 1.04. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51.
MannKind (NASDAQ:MNKD – Get Free Report) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The business had revenue of $90.17 million during the quarter, compared to analyst estimates of $105.38 million. MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.04 EPS. On average, equities analysts predict that MannKind Corporation will post -0.04 EPS for the current fiscal year.
MannKind Profile
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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).
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