MannKind Corporation $MNKD Shares Bought by Bank of America Corp DE

Bank of America Corp DE grew its stake in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 43.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,383,677 shares of the biopharmaceutical company's stock after acquiring an additional 1,021,456 shares during the period. Bank of America Corp DE owned about 1.10% of MannKind worth $8,290,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MNKD. Franklin Resources Inc. grew its holdings in shares of MannKind by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company's stock worth $871,000 after acquiring an additional 2,201 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of MannKind by 7.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 33,405 shares of the biopharmaceutical company's stock worth $189,000 after buying an additional 2,404 shares during the last quarter. Mariner LLC boosted its position in shares of MannKind by 1.3% in the 4th quarter. Mariner LLC now owns 209,479 shares of the biopharmaceutical company's stock worth $1,188,000 after buying an additional 2,777 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position 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 buying an additional 2,927 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of MannKind by 25.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,922 shares of the biopharmaceutical company's stock worth $85,000 after buying an additional 3,060 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of MannKind from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. HC Wainwright reaffirmed a "buy" rating on shares of MannKind in a report on Thursday, July 23rd. Mizuho lowered their price target on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating on the stock in a research report on Thursday, May 7th. Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a research note on Wednesday, July 8th. Finally, Royal Bank Of Canada raised their price objective on shares of MannKind from $3.50 to $4.75 and gave the stock a "sector perform" rating in a research note on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.22.

MannKind Price Performance

MannKind stock opened at $4.07 on Tuesday. The stock has a market capitalization of $1.31 billion, a P/E ratio of -31.31 and a beta of 1.12. MannKind Corporation has a 12-month low of $2.23 and a 12-month high of $6.51. The firm's 50-day moving average is $4.03 and its two-hundred day moving average is $3.63.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.01). The business had revenue of $109.37 million during the quarter, compared to analyst estimates of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The company's revenue was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.05 earnings per share. As a group, analysts forecast that MannKind Corporation will post -0.2 EPS for the current year.

Insider Buying and Selling

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

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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