Apis Capital Advisors LLC Invests $6.81 Million in MannKind Corporation $MNKD

Key Points

• Apis Capital Advisors opened a new position in MannKind, buying 1.2 million shares valued at about $6.81 million. The stake makes MNKD the firm’s 25th largest holding and represents 1.2% of its portfolio.
• MannKind shares were up 1.3% to $3.92, with the stock trading between a 12-month low of $2.23 and high of $6.51. The company has a market cap of about $1.21 billion.
• The company reported a Q1 earnings miss, posting EPS of -$0.05 versus expectations of -$0.02 and revenue of $90.17 million versus $105.38 million expected. Despite the miss, revenue rose 15.1% year over year, and analysts currently rate the stock Moderate Buy with an average price target of $8.97.

Apis Capital Advisors LLC purchased a new position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,200,100 shares of the biopharmaceutical company's stock, valued at approximately $6,805,000. MannKind accounts for 1.2% of Apis Capital Advisors LLC's portfolio, making the stock its 25th largest holding. Apis Capital Advisors LLC owned 0.39% of MannKind as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MNKD. Caitong International Asset Management Co. Ltd lifted its position in MannKind by 108.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company's stock valued at $32,000 after acquiring an additional 2,927 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of MannKind during the 4th quarter worth approximately $45,000. Burkett Financial Services LLC purchased a new position in MannKind in the 4th quarter valued at approximately $59,000. Huntington National Bank grew its stake in MannKind by 420.0% in the 4th quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company's stock valued at $59,000 after buying an additional 8,400 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of MannKind during the 4th quarter valued at $60,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Trading Up 1.3%

MannKind stock opened at $3.92 on Thursday. MannKind Corporation has a 12-month low of $2.23 and a 12-month high of $6.51. The firm has a 50-day moving average price of $3.19 and a 200-day moving average price of $4.20. The firm has a market capitalization of $1.21 billion, a PE ratio of -55.99 and a beta of 1.13.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.03). The business had revenue of $90.17 million for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. As a group, sell-side analysts predict that MannKind Corporation will post -0.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Royal Bank Of Canada increased their target price on MannKind from $3.50 to $4.75 and gave the company a "sector perform" rating in a research note on Thursday, May 7th. Wells Fargo & Company set a $11.00 price target on shares of MannKind and gave the company an "overweight" rating in a research report on Monday, June 1st. Weiss Ratings cut shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a research report on Monday, March 2nd. Zacks Research upgraded shares of MannKind from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 15th. Finally, HC Wainwright upped their target price on shares of MannKind from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, MannKind currently has an average rating of "Moderate Buy" and an average price target of $8.97.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the company'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 transaction, the director directly owned 808,008 shares in the company, 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 legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company's stock.

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).

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