EcoR1 Capital LLC Acquires Shares of 1,660,000 MannKind Corporation $MNKD

Key Points

• EcoR1 Capital disclosed a new stake in MannKind, buying 1.66 million shares valued at about $9.4 million. The position represents roughly 0.54% of MannKind and is EcoR1’s 22nd-largest holding.
• Institutional ownership remains significant, with hedge funds and other institutional investors holding about 49.55% of MannKind’s stock. Several smaller investors also added to or initiated positions in the latest quarter.
• MannKind’s recent results were mixed: the company missed earnings and revenue estimates in its latest quarterly report, though revenue still rose 15.1% year over year. Analyst sentiment is mixed but leans positive, with a consensus rating of Moderate Buy and an average price target of $8.97.

EcoR1 Capital LLC acquired a new stake in MannKind Corporation (NASDAQ:MNKD - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,660,000 shares of the biopharmaceutical company's stock, valued at approximately $9,412,000. MannKind comprises approximately 0.4% of EcoR1 Capital LLC's investment portfolio, making the stock its 22nd largest position. EcoR1 Capital LLC owned approximately 0.54% of MannKind at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of 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 worth $32,000 after purchasing an additional 2,927 shares during the period. International Assets Investment Management LLC purchased a new position in shares of MannKind in the 4th quarter worth approximately $45,000. Burkett Financial Services LLC purchased a new position in shares of MannKind in the 4th quarter worth approximately $59,000. Huntington National Bank boosted its holdings in shares of MannKind by 420.0% in the 4th quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company's stock worth $59,000 after purchasing an additional 8,400 shares during the period. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of MannKind in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 49.55% of the company's stock.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 16,940 shares of the stock in a transaction that occurred 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 transaction, the director owned 808,008 shares of the company's stock, valued at $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. HC Wainwright lifted their target price on MannKind from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Weiss Ratings cut MannKind from a "hold (c)" rating to a "sell (d+)" rating in a report on Monday, March 2nd. Zacks Research upgraded MannKind from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 15th. Mizuho dropped their target price on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a report on Thursday, May 7th. Finally, Royal Bank Of Canada lifted their target price on MannKind from $3.50 to $4.75 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, MannKind has an average rating of "Moderate Buy" and a consensus price target of $8.97.

MannKind Stock Performance

Shares of NASDAQ MNKD opened at $3.92 on Thursday. The business's 50 day moving average price is $3.19 and its 200-day moving average price is $4.20. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -55.99 and a beta of 1.13.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The business had revenue of $90.17 million during the quarter, compared to analysts' expectations of $105.38 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company's quarterly revenue was up 15.1% compared to the same quarter last year. Sell-side analysts predict that MannKind Corporation will post -0.06 earnings per share for the current year.

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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