Bank of New York Mellon Corp Buys New Stake in MannKind Corporation $MNKD

Key Points

• Bank of New York Mellon purchased 898,463 MannKind shares worth approximately $3.83 million, giving it a 0.29% stake. Institutional investors and hedge funds collectively own 49.55% of MNKD.
• MannKind reported quarterly revenue of $109.37 million, up 43% year over year, while meeting analysts’ loss estimate of $0.01 per share. The stock opened at $4.06 and has traded between $2.23 and $6.51 over the past year.
• Analyst sentiment remains mixed: six analysts rate MNKD a Buy, one a Hold and two a Sell, producing a consensus Hold rating and an average price target of $8.39. Director Steven Binder also sold 39,051 shares at an average price of $4.06.

Bank of New York Mellon Corp purchased a new position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 898,463 shares of the biopharmaceutical company's stock, valued at approximately $3,827,000. Bank of New York Mellon Corp owned 0.29% of MannKind at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MNKD. Sei Investments Co. lifted its position in shares of MannKind by 53.6% during the first quarter. Sei Investments Co. now owns 726,396 shares of the biopharmaceutical company's stock worth $1,780,000 after purchasing an additional 253,537 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in MannKind by 11.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock valued at $12,134,000 after purchasing an additional 509,692 shares in the last quarter. 180 Wealth Advisors LLC grew its holdings in MannKind by 45.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock valued at $10,515,000 after purchasing an additional 1,332,759 shares in the last quarter. EcoR1 Capital LLC purchased a new stake in MannKind during the 4th quarter worth $9,412,000. Finally, First Trust Advisors LP increased its stake in MannKind by 48.0% during the 1st quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company's stock worth $2,130,000 after buying an additional 282,068 shares during the period. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other MannKind news, Director Steven Binder sold 39,051 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total transaction of $158,547.06. Following the completion of the sale, the director owned 785,867 shares in the company, valued at $3,190,620.02. The trade was a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by insiders.

MannKind Stock Up 2.5%

Shares of NASDAQ MNKD opened at $4.06 on Friday. The stock's 50 day moving average price is $4.05 and its two-hundred day moving average price is $3.54. MannKind Corporation has a 52-week low of $2.23 and a 52-week high of $6.51. The stock has a market capitalization of $1.31 billion, a P/E ratio of -31.23 and a beta of 1.10.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.01). MannKind had a negative return on equity of 11.21% and a negative net margin of 11.08%.The business had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. During the same period in the previous year, the business earned $0.05 EPS. The business's quarterly revenue was up 43.0% on a year-over-year basis. On average, analysts anticipate that MannKind Corporation will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MNKD shares. HC Wainwright reissued a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Wall Street Zen lowered MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings restated a "sell (d)" rating on shares of MannKind in a report on Wednesday, July 8th. Wells Fargo & Company cut their target price on MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Finally, Zacks Research cut MannKind from a "hold" rating to a "strong sell" rating in a research note on Thursday. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $8.39.

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).

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