Dimensional Fund Advisors LP Acquires 509,692 Shares of MannKind Corporation $MNKD

Key Points

• Dimensional Fund Advisors increased its MannKind stake by 11.5% in the first quarter, adding 509,692 shares to own 4.95 million shares valued at approximately $12.1 million. Institutional investors collectively hold 49.55% of the company.
• Analyst views remain mixed, but MannKind carries a consensus “Moderate Buy” rating and an average target price of $9.22; recent targets ranged from $4.75 to $7.00.
• MannKind reported quarterly revenue of $90.17 million, up 15.1% year over year but below estimates, while EPS of negative $0.05 missed expectations. Shares opened at $4.11, compared with a 52-week range of $2.23 to $6.51.

Dimensional Fund Advisors LP lifted its stake in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 11.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,953,295 shares of the biopharmaceutical company's stock after buying an additional 509,692 shares during the quarter. Dimensional Fund Advisors LP owned about 1.60% of MannKind worth $12,134,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in MannKind by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company's stock worth $101,385,000 after acquiring an additional 250,290 shares in the last quarter. State Street Corp raised its holdings in shares of MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company's stock valued at $82,914,000 after purchasing an additional 3,883,071 shares during the period. Rubric Capital Management LP acquired a new position in shares of MannKind during the third quarter valued at about $61,297,000. UBS Group AG boosted its position in shares of MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company's stock worth $27,896,000 after purchasing an additional 3,088,820 shares in the last quarter. Finally, 180 Wealth Advisors LLC boosted its position in shares of MannKind by 45.0% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock worth $10,515,000 after purchasing an additional 1,332,759 shares in the last quarter. Institutional investors own 49.55% of the company's stock.

Analyst Upgrades and Downgrades

MNKD has been the subject of a number of research analyst reports. Mizuho decreased their target price on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research report on Thursday, May 7th. Royal Bank Of Canada increased their price target on MannKind from $3.50 to $4.75 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of MannKind in a research report on Wednesday, July 8th. Zacks Research upgraded MannKind from a "strong sell" rating to a "hold" rating in a report on Wednesday. Finally, Wall Street Zen cut MannKind from a "hold" rating to a "sell" rating in a report on Saturday. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, MannKind has a consensus rating of "Moderate Buy" and a consensus target price of $9.22.

MannKind Stock Performance

Shares of NASDAQ MNKD opened at $4.11 on Friday. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -31.62 and a beta of 1.12. The firm's 50-day simple moving average is $3.93 and its 200 day simple moving average is $3.77.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.03). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The company had revenue of $90.17 million for the quarter, compared to analyst estimates of $105.38 million. During the same quarter last year, the firm posted $0.04 EPS. MannKind's revenue for the quarter was up 15.1% on a year-over-year basis. On average, sell-side analysts predict that MannKind Corporation will post -0.08 EPS for the current year.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction 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 completion of the sale, the director directly owned 808,008 shares of the company's stock, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company 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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