Frazier Life Sciences Management L.P. Has $28.12 Million Holdings in MannKind Corporation $MNKD

Key Points

• Frazier Life Sciences Management increased its MannKind stake by 11.9% in the second quarter, acquiring 700,000 additional shares and bringing its total to 6.6 million shares worth approximately $28.12 million. Institutional investors collectively own 49.55% of MNKD.
• Analyst sentiment is mixed: six analysts rate MannKind a Buy, one a Hold, and two a Sell, resulting in an overall “Hold” rating and a consensus price target of $8.39. Recent actions included a Wells Fargo target cut to $13 and downgrades from Zacks Research and Wall Street Zen.
• MannKind reported quarterly revenue of $109.37 million, up 43% year over year, while meeting the consensus loss estimate of $0.01 per share. The stock opened at $4.06, and director Steven Binder sold 39,051 shares at that price.

Frazier Life Sciences Management L.P. increased its position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 11.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,600,000 shares of the biopharmaceutical company's stock after buying an additional 700,000 shares during the period. MannKind accounts for 0.6% of Frazier Life Sciences Management L.P.'s holdings, making the stock its 27th biggest holding. Frazier Life Sciences Management L.P. owned about 2.05% of MannKind worth $28,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC raised its position in shares of MannKind by 19.8% in the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company's stock worth $278,000 after acquiring an additional 9,160 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in MannKind by 3.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock worth $1,059,000 after purchasing an additional 6,079 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in MannKind by 8.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company's stock valued at $3,374,000 after buying an additional 53,202 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of MannKind by 42.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company's stock worth $5,057,000 after buying an additional 404,842 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of MannKind by 84.8% during the 2nd quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company's stock worth $140,000 after buying an additional 17,150 shares during the period. Institutional investors and hedge funds own 49.55% of the company's stock.

Analyst Ratings Changes

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

MannKind Stock Performance

MannKind stock opened at $4.06 on Monday. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -31.23 and a beta of 1.10. The firm's fifty day moving average price is $4.05 and its two-hundred day moving average price is $3.52.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The company 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 firm posted $0.05 earnings per share. The firm's revenue for the quarter was up 43.0% on a year-over-year basis. On average, research analysts forecast that MannKind Corporation will post -0.2 EPS for the current year.

Insider Transactions at MannKind

In other MannKind news, Director Steven Binder sold 39,051 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total transaction of $158,547.06. Following the completion of the sale, the director directly owned 785,867 shares of the company's stock, valued at approximately $3,190,620.02. The trade was a 4.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.

About MannKind

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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