Hsbc Holdings PLC Has $509,000 Stock Holdings in MannKind Corporation $MNKD

Hsbc Holdings PLC lifted its holdings in shares of MannKind Corporation (NASDAQ:MNKD) by 198.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 212,038 shares of the biopharmaceutical company’s stock after acquiring an additional 140,970 shares during the period. Hsbc Holdings PLC owned approximately 0.07% of MannKind worth $509,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Rubric Capital Management LP acquired a new position in MannKind in the third quarter worth about $61,297,000. Frazier Life Sciences Management L.P. bought a new position in MannKind during the fourth quarter worth about $23,956,000. State Street Corp lifted its stake in MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after purchasing an additional 3,883,071 shares during the period. UBS Group AG boosted its holdings in MannKind by 146.7% during the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in MannKind by 316.2% during the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Trading Down 4.9%

NASDAQ MNKD opened at $3.91 on Friday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -55.85 and a beta of 1.09. The company has a 50 day moving average of $3.90 and a 200-day moving average of $3.83. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The firm had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The business’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS. On average, analysts forecast that MannKind Corporation will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

MNKD has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Wall Street Zen upgraded MannKind from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Mizuho lowered their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Finally, Royal Bank Of Canada increased their price objective on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Seven investment 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. According to MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.34.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 16,940 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the sale, the director directly owned 808,008 shares of the company’s stock, valued at $2,658,346.32. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is owned by corporate insiders.

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. 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).