Rubric Capital Management LP decreased its position in shares of MannKind Corporation (NASDAQ:MNKD – Free Report) by 51.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,620,413 shares of the biopharmaceutical company’s stock after selling 3,856,082 shares during the quarter. Rubric Capital Management LP owned about 1.17% of MannKind worth $8,870,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MNKD. EcoR1 Capital LLC bought a new position in MannKind during the fourth quarter worth $9,412,000. 180 Wealth Advisors LLC boosted its position in MannKind by 45.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company’s stock valued at $10,515,000 after acquiring an additional 1,332,759 shares during the last quarter. Apis Capital Advisors LLC bought a new stake in MannKind during the fourth quarter valued at $6,805,000. Vanguard Group Inc. grew its holdings in MannKind by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock worth $101,385,000 after acquiring an additional 250,290 shares during the period. Finally, Deltec Asset Management LLC grew its holdings in MannKind by 34.7% during the 4th quarter. Deltec Asset Management LLC now owns 974,700 shares of the biopharmaceutical company’s stock worth $5,527,000 after acquiring an additional 251,200 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on MNKD shares. Royal Bank Of Canada boosted their price objective on MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research note on Thursday, May 7th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Thursday. Wall Street Zen upgraded MannKind from a “sell” rating to a “hold” rating in a report on Sunday, July 5th. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Finally, Mizuho cut their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and an average target price of $8.97.
Insider Transactions at MannKind
In other MannKind news, Director Steven B. Binder sold 16,940 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the sale, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.60% of the company’s stock.
MannKind Stock Performance
MNKD stock opened at $3.95 on Tuesday. The stock’s 50 day simple moving average is $3.84 and its 200 day simple moving average is $3.87. The company has a market cap of $1.22 billion, a P/E ratio of -56.42 and a beta of 1.09. 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 announced its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The firm had revenue of $90.17 million during the quarter, compared to analyst estimates of $105.38 million. During the same period last year, the business posted $0.04 EPS. The company’s revenue was up 15.1% on a year-over-year basis. Equities analysts predict that MannKind Corporation will post -0.06 earnings per share for the current year.
MannKind Company 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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