Goldman Sachs Group Inc. Sells 780,939 Shares of MannKind Corporation $MNKD

Key Points

• Goldman Sachs Group Inc. has reduced its stake in MannKind Corporation by 34.5% during the first quarter, selling 780,939 shares and leaving it with about 1.48 million shares valued at $7.44 million.
• MannKind reported a 5.7% year-over-year increase in revenue for the quarter, totaling $76.53 million, and reported $0.05 earnings per share, slightly beating analysts' expectations.
• Several institutional investors have entered positions in MannKind, increasing institutional ownership to 49.55%, while consensus analysts' ratings for the stock remain positive, with a target price averaging around $11.17.

Goldman Sachs Group Inc. trimmed its holdings in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 34.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,479,673 shares of the biopharmaceutical company's stock after selling 780,939 shares during the quarter. Goldman Sachs Group Inc. owned 0.49% of MannKind worth $7,443,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Ameriprise Financial Inc. grew its stake in shares of MannKind by 145.4% during the 4th quarter. Ameriprise Financial Inc. now owns 43,685 shares of the biopharmaceutical company's stock worth $281,000 after acquiring an additional 25,880 shares in the last quarter. Bank of America Corp DE grew its stake in shares of MannKind by 29.5% during the 4th quarter. Bank of America Corp DE now owns 3,364,313 shares of the biopharmaceutical company's stock worth $21,633,000 after acquiring an additional 765,483 shares in the last quarter. Deutsche Bank AG grew its stake in shares of MannKind by 17.0% during the 4th quarter. Deutsche Bank AG now owns 509,738 shares of the biopharmaceutical company's stock worth $3,278,000 after acquiring an additional 74,018 shares in the last quarter. Gotham Asset Management LLC grew its stake in shares of MannKind by 22.4% during the 4th quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company's stock worth $341,000 after acquiring an additional 9,717 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of MannKind by 21.6% during the 4th quarter. Janus Henderson Group PLC now owns 127,763 shares of the biopharmaceutical company's stock worth $822,000 after acquiring an additional 22,700 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

MannKind Stock Down 0.8%

NASDAQ MNKD traded down $0.05 on Friday, reaching $5.57. The company had a trading volume of 1,078,173 shares, compared to its average volume of 2,770,854. The stock has a market capitalization of $1.71 billion, a P/E ratio of 50.32 and a beta of 1.02. The company's fifty day moving average is $4.33 and its 200 day moving average is $4.44. MannKind Corporation has a 52-week low of $3.38 and a 52-week high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.MannKind's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. On average, research analysts expect that MannKind Corporation will post 0.1 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MNKD shares. Wells Fargo & Company raised their price target on shares of MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Wall Street Zen cut shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright reissued a "buy" rating and issued a $11.00 target price on shares of MannKind in a research note on Thursday. Oppenheimer raised their target price on shares of MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. Finally, Royal Bank Of Canada raised their target price on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, MannKind presently has an average rating of "Buy" and an average price target of $11.17.

Insiders Place Their Bets

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was 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 in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stuart A. Tross sold 47,000 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total value of $250,980.00. Following the transaction, the insider owned 1,032,013 shares of the company's stock, valued at $5,510,949.42. The trade was a 4.36% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

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.