Parkman Healthcare Partners LLC Has $12.54 Million Stock Position in MannKind Corporation $MNKD

Key Points

• Parkman Healthcare Partners LLC reduced its stake in MannKind Corporation by 20.2%, selling 632,891 shares, leaving them with approximately 2.49 million shares valued at about $12.54 million.
• Millennium Management LLC significantly increased its holdings in MannKind by 68.9%, acquiring an additional 2.37 million shares, after which its total ownership rose to around 5.82 million shares.
• MannKind's stock received mixed ratings from analysts; while Wall Street Zen downgraded it to "hold," Oppenheimer raised its price target from $12.00 to $15.00 and maintained an "outperform" rating.

Parkman Healthcare Partners LLC lessened its stake in MannKind Corporation (NASDAQ:MNKD - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,493,836 shares of the biopharmaceutical company's stock after selling 632,891 shares during the quarter. MannKind makes up 1.5% of Parkman Healthcare Partners LLC's holdings, making the stock its 27th biggest position. Parkman Healthcare Partners LLC owned about 0.82% of MannKind worth $12,544,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new stake in MannKind in the 4th quarter valued at $37,000. Blueshift Asset Management LLC bought a new stake in MannKind in the 1st quarter valued at $51,000. Sowell Financial Services LLC bought a new stake in MannKind in the 1st quarter valued at $56,000. Waverly Advisors LLC bought a new stake in MannKind in the 4th quarter valued at $72,000. Finally, State of Wyoming raised its stake in MannKind by 51.6% in the 4th quarter. State of Wyoming now owns 12,772 shares of the biopharmaceutical company's stock valued at $82,000 after acquiring an additional 4,345 shares during the period. Institutional investors and hedge funds own 49.55% of the company's stock.

MannKind Price Performance

NASDAQ MNKD traded down $0.06 on Tuesday, reaching $5.51. The stock had a trading volume of 4,122,583 shares, compared to its average volume of 5,332,793. The firm has a fifty day moving average of $4.08 and a two-hundred day moving average of $4.43. MannKind Corporation has a 1-year low of $3.38 and a 1-year high of $7.63. The company has a market cap of $1.69 billion, a P/E ratio of 50.10 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $76.53 million for 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%.The company's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.05 EPS. Research analysts predict that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at MannKind

In other 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 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. This represents a 8.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.00% 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.