413,062 Shares in MannKind Corporation $MNKD Purchased by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC acquired 413,062 MannKind shares worth approximately $1.76 million, while institutional investors collectively owned 49.55% of the company.
• Director Steven Binder sold 33,558 shares at an average price of $3.81, reducing his holdings by 4.27%; insiders own 2.60% of MannKind.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an $8.34 price target. MannKind reported $109.37 million in quarterly revenue, up 43% year over year, while shares recently opened at $3.56.

Squarepoint Ops LLC acquired a new position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 413,062 shares of the biopharmaceutical company's stock, valued at approximately $1,760,000. Squarepoint Ops LLC owned approximately 0.13% of MannKind at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wellington Management Group LLP boosted its position in shares of MannKind by 138.9% in the 2nd quarter. Wellington Management Group LLP now owns 7,844,807 shares of the biopharmaceutical company's stock worth $33,419,000 after purchasing an additional 4,561,628 shares in the last quarter. Frazier Life Sciences Management L.P. increased its position in MannKind by 11.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 6,600,000 shares of the biopharmaceutical company's stock valued at $28,116,000 after buying an additional 700,000 shares in the last quarter. Braidwell LP purchased a new position in MannKind during the second quarter valued at $14,733,000. Dimensional Fund Advisors LP raised its stake in MannKind by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock valued at $12,134,000 after buying an additional 509,692 shares during the last quarter. Finally, 180 Wealth Advisors LLC boosted its holdings in MannKind by 45.0% in the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock worth $10,515,000 after acquiring an additional 1,332,759 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company's stock.

Insider Activity at MannKind

In other news, Director Steven Binder sold 33,558 shares of the company's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $3.81, for a total transaction of $127,855.98. Following the completion of the sale, the director owned 752,309 shares of the company's stock, valued at $2,866,297.29. This represents a 4.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MNKD. HC Wainwright restated a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Cantor Fitzgerald restated an "overweight" rating and set a $8.00 price objective on shares of MannKind in a research note on Friday, September 11th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of MannKind in a report on Wednesday, July 8th. Wells Fargo & Company dropped their target price on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Thursday, August 6th. Finally, Zacks Research cut shares of MannKind from a "hold" rating to a "strong sell" rating in a report on Thursday, September 3rd. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.34.

MannKind Trading Down 5.1%

Shares of MNKD opened at $3.56 on Wednesday. The firm has a fifty day simple moving average of $3.99 and a two-hundred day simple moving average of $3.45. The firm has a market cap of $1.14 billion, a PE ratio of -27.38 and a beta of 1.10. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.MannKind's revenue was up 43.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 earnings per share. As a group, research analysts forecast that MannKind Corporation will post -0.2 EPS for the current fiscal year.

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).

Want to see what other hedge funds are holding MNKD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MannKind Corporation (NASDAQ:MNKD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.