MannKind Corporation (NASDAQ:MNKD) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has reduced its stake in MannKind Corporation by 31.4%, owning 1,339,299 shares valued at approximately $6.7 million.
• Equities analysts have set a mixed outlook on MannKind, with price targets ranging from $8.00 to $12.00, reflecting a consensus "Buy" rating.
• MannKind reported an earnings per share (EPS) of $0.04 for the recent quarter, surpassing expectations and demonstrating a revenue increase of 18.1% year-over-year.

Federated Hermes Inc. lessened its holdings in MannKind Corporation (NASDAQ:MNKD - Free Report) by 31.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,339,299 shares of the biopharmaceutical company's stock after selling 612,040 shares during the period. Federated Hermes Inc. owned about 0.44% of MannKind worth $6,737,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. China Universal Asset Management Co. Ltd. raised its holdings in shares of MannKind by 4.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company's stock worth $306,000 after buying an additional 2,420 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of MannKind by 10.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 28,174 shares of the biopharmaceutical company's stock worth $181,000 after buying an additional 2,657 shares during the last quarter. State of Wyoming grew its stake in MannKind by 51.6% during the 4th quarter. State of Wyoming now owns 12,772 shares of the biopharmaceutical company's stock valued at $82,000 after purchasing an additional 4,345 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of MannKind by 3.3% in the fourth quarter. MetLife Investment Management LLC now owns 158,481 shares of the biopharmaceutical company's stock valued at $1,019,000 after purchasing an additional 5,110 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new position in shares of MannKind in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 49.55% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MNKD. HC Wainwright upgraded shares of MannKind to a "buy" rating and set a $9.00 price target on the stock in a report on Wednesday, July 16th. Royal Bank Of Canada reduced their target price on shares of MannKind from $10.00 to $8.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. Mizuho initiated coverage on shares of MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price for the company. Finally, Wall Street Zen cut shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, MannKind currently has a consensus rating of "Buy" and an average price target of $9.86.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the transaction, the director owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David Thomson sold 32,179 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the sale, the executive vice president directly owned 772,427 shares in the company, valued at approximately $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 266,198 shares of company stock worth $1,143,244 in the last quarter. Company insiders own 3.00% of the company's stock.

MannKind Price Performance

MNKD traded down $0.03 on Friday, reaching $3.75. 2,543,159 shares of the company's stock were exchanged, compared to its average volume of 2,550,986. The stock has a market cap of $1.14 billion, a PE ratio of 37.50 and a beta of 1.02. MannKind Corporation has a twelve month low of $3.51 and a twelve month high of $7.63. The stock's fifty day moving average price is $3.91 and its 200-day moving average price is $4.70.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. MannKind had a net margin of 10.12% and a negative return on equity of 32.41%. The company had revenue of $78.35 million for the quarter, compared to the consensus estimate of $75.86 million. During the same period in the previous year, the firm earned $0.05 earnings per share. MannKind's quarterly revenue was up 18.1% compared to the same quarter last year. As a group, research analysts predict that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

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.