Braidwell LP Makes New Investment in MannKind Corporation $MNKD

Key Points

• Braidwell LP acquired 3.46 million MannKind shares during the second quarter, valued at approximately $14.7 million and representing about 1.08% of the company. Institutional investors collectively own 49.55% of MNKD.
• MannKind reported quarterly revenue of $109.37 million, up 43% year over year and above analysts’ estimates, while earnings matched expectations at a loss of $0.01 per share.
• MNKD was trading near $4.04, with analysts assigning a consensus “Moderate Buy” rating and an average price target of $9.22, although some firms recently maintained or issued sell ratings.

Braidwell LP purchased a new position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,458,429 shares of the biopharmaceutical company's stock, valued at approximately $14,733,000. Braidwell LP owned about 1.08% of MannKind as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MNKD. Krilogy Financial LLC acquired a new position in MannKind during the first quarter worth $28,000. Independent Financial Group LLC acquired a new stake in shares of MannKind in the first quarter worth about $31,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of MannKind by 108.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company's stock worth $32,000 after acquiring an additional 2,927 shares in the last quarter. Waverly Advisors LLC acquired a new position in shares of MannKind during the 1st quarter valued at about $43,000. Finally, International Assets Investment Management LLC acquired a new position in shares of MannKind during the 4th quarter valued at about $45,000. Institutional investors own 49.55% of the company's stock.

MannKind Stock Performance

NASDAQ MNKD opened at $4.04 on Thursday. The stock has a 50-day simple moving average of $4.05 and a 200 day simple moving average of $3.55. MannKind Corporation has a twelve month low of $2.23 and a twelve month high of $6.51. The stock has a market capitalization of $1.30 billion, a PE ratio of -31.08 and a beta of 1.10.

MannKind (NASDAQ:MNKD - Get Free Report) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) 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 firm had revenue of $109.37 million for the quarter, compared to analyst estimates of $108.08 million. During the same quarter last year, the firm posted $0.05 EPS. The company's revenue was up 43.0% on a year-over-year basis. As a group, equities research analysts forecast that MannKind Corporation will post -0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MNKD shares. Weiss Ratings restated a "sell (d)" rating on shares of MannKind in a report on Wednesday, July 8th. Zacks Research upgraded MannKind from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Royal Bank Of Canada lifted their price target on shares of MannKind from $3.50 to $4.75 and gave the company a "sector perform" rating in a research report on Thursday, May 7th. Wells Fargo & Company reduced their price objective on shares of MannKind from $14.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered shares of MannKind from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $9.22.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 39,051 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the sale, the director owned 785,867 shares in the company, valued at approximately $3,190,620.02. This trade represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company's stock.

MannKind Company 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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