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. reduced its position in MannKind Corporation (NASDAQ:MNKD - Free Report) by 34.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in MNKD. GF Fund Management CO. LTD. purchased a new position in MannKind in the fourth quarter valued at about $37,000. Blueshift Asset Management LLC purchased a new position in MannKind in the first quarter valued at about $51,000. Sowell Financial Services LLC purchased a new position in MannKind in the first quarter valued at about $56,000. Virtu Financial LLC purchased a new position in MannKind in the first quarter valued at about $70,000. Finally, Waverly Advisors LLC purchased a new position in MannKind in the fourth quarter valued at about $72,000. 49.55% of the stock is currently owned by institutional investors.

MannKind Trading Up 2.8%

Shares of NASDAQ:MNKD opened at $5.57 on Friday. MannKind Corporation has a 12-month low of $3.38 and a 12-month high of $7.63. The company has a market capitalization of $1.71 billion, a PE ratio of 50.64 and a beta of 1.02. The business has a 50 day moving average of $4.19 and a two-hundred day moving average of $4.43.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MNKD shares. Wells Fargo & Company boosted their price target on 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 lowered MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright boosted their price target on MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada boosted their price target on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Finally, Oppenheimer lifted their target price on MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. One research 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, the stock presently has a consensus rating of "Buy" and a consensus target price of $11.17.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the completion of the sale, the director directly owned 830,508 shares in the company, valued at approximately $3,272,201.52. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.70% 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.

Want to see what other hedge funds are holding MNKD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MannKind Corporation (NASDAQ:MNKD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.