Vanguard Group Inc. Purchases 250,290 Shares of MannKind Corporation $MNKD

Vanguard Group Inc. increased its stake in shares of MannKind Corporation (NASDAQ:MNKD) by 1.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,880,873 shares of the biopharmaceutical company’s stock after acquiring an additional 250,290 shares during the period. Vanguard Group Inc. owned about 5.82% of MannKind worth $101,385,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Concurrent Investment Advisors LLC bought a new stake in MannKind during the fourth quarter worth about $147,000. Calamos Advisors LLC raised its holdings in MannKind by 60.5% during the fourth quarter. Calamos Advisors LLC now owns 370,718 shares of the biopharmaceutical company’s stock worth $2,102,000 after acquiring an additional 139,807 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in MannKind by 7.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company’s stock worth $189,000 after acquiring an additional 2,404 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in MannKind by 3.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,945 shares of the biopharmaceutical company’s stock worth $601,000 after acquiring an additional 3,827 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings 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 acquiring an additional 3,060 shares in the last quarter. Institutional investors own 49.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wedbush dropped their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Weiss Ratings lowered MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Wells Fargo & Company upped their target price on MannKind from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen lowered MannKind from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, HC Wainwright upped their target price on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.84.

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 16,940 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the transaction, the director owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. This represents a 2.05% 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 link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael Castagna bought 100,000 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average cost of $2.59 per share, for a total transaction of $259,000.00. Following the transaction, the chief executive officer directly owned 2,575,911 shares of the company’s stock, valued at $6,671,609.49. The trade was a 4.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is currently owned by corporate insiders.

MannKind Stock Down 2.1%

NASDAQ:MNKD opened at $3.21 on Thursday. The stock’s 50 day moving average price is $2.74 and its two-hundred day moving average price is $4.53. The firm has a market capitalization of $991.73 million, a price-to-earnings ratio of -45.85 and a beta of 1.04. MannKind Corporation has a 12-month low of $2.23 and a 12-month high of $6.51.

MannKind (NASDAQ:MNKD) last released its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The business 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%. MannKind’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. Equities research analysts expect that MannKind Corporation will post -0.04 EPS for the current 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).