MannKind Corporation $MNKD Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in MannKind Corporation ($MNKD) by 2.8% in Q1, owning approximately 2.7 million shares worth $13.58 million.
• Several hedge funds have increased their stakes in MannKind, with SG Americas Securities LLC raising their holdings by 223.2% in Q1.
• MannKind's stock has a consensus rating of Buy with an average target price of $10.00, amid mixed analyst ratings and a recent earnings report that exceeded expectations.

Northern Trust Corp cut its position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,699,799 shares of the biopharmaceutical company's stock after selling 77,985 shares during the quarter. Northern Trust Corp owned 0.89% of MannKind worth $13,580,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gotham Asset Management LLC raised its holdings in MannKind by 22.4% during the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company's stock worth $341,000 after purchasing an additional 9,717 shares during the last quarter. Graham Capital Management L.P. acquired a new position in MannKind during the fourth quarter worth $10,229,000. Man Group plc raised its holdings in MannKind by 61.4% during the fourth quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company's stock worth $3,719,000 after purchasing an additional 219,891 shares during the last quarter. SG Americas Securities LLC raised its holdings in MannKind by 223.2% during the first quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company's stock worth $460,000 after purchasing an additional 63,209 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in MannKind by 23.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock worth $27,450,000 after purchasing an additional 798,469 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MNKD has been the subject of several research reports. Wall Street Zen cut MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Wells Fargo & Company increased their target price on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday. HC Wainwright increased their target price on MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Royal Bank Of Canada increased their target price on MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $10.00.

Insider Buying and Selling at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of MannKind stock in a transaction 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 transaction, the director owned 830,508 shares in the company, valued at $3,272,201.52. This trade 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 this link. 3.00% of the stock is currently owned by company insiders.

MannKind Stock Performance

Shares of MNKD opened at $5.51 on Thursday. The stock has a fifty day moving average of $3.93 and a two-hundred day moving average of $4.44. The company has a market capitalization of $1.69 billion, a PE ratio of 50.10 and a beta of 1.02. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.63.

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

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.

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