MannKind Corporation $MNKD Shares Sold by Parkman Healthcare Partners LLC

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 cut its position in MannKind Corporation (NASDAQ:MNKD - Free Report) by 20.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,493,836 shares of the biopharmaceutical company's stock after selling 632,891 shares during the quarter. MannKind accounts for 1.5% of Parkman Healthcare Partners LLC's holdings, making the stock its 27th largest holding. Parkman Healthcare Partners LLC owned approximately 0.82% of MannKind worth $12,544,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in MannKind during the 4th quarter valued at about $37,000. Blueshift Asset Management LLC acquired a new stake in shares of MannKind during the first quarter worth about $51,000. Sowell Financial Services LLC acquired a new stake in shares of MannKind during the first quarter worth about $56,000. Waverly Advisors LLC purchased a new position in shares of MannKind in the fourth quarter valued at approximately $72,000. Finally, State of Wyoming grew its holdings in shares of MannKind by 51.6% in the fourth quarter. State of Wyoming now owns 12,772 shares of the biopharmaceutical company's stock valued at $82,000 after purchasing an additional 4,345 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company's stock.

MannKind Stock Performance

Shares of NASDAQ:MNKD traded down $0.15 on Thursday, hitting $5.42. 3,994,917 shares of the company's stock were exchanged, compared to its average volume of 2,747,499. MannKind Corporation has a 1-year low of $3.38 and a 1-year high of $7.63. The company has a market capitalization of $1.66 billion, a PE ratio of 49.28 and a beta of 1.02. The firm's 50-day moving average is $4.11 and its 200 day moving average is $4.44.

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

Insider Activity

In related news, Director Steven B. Binder sold 75,367 shares of the 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 directly owned 830,508 shares of the company's stock, valued at $3,272,201.52. This trade represents a 8.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MNKD. Wells Fargo & Company increased their target price on shares of MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. HC Wainwright increased their price objective on MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada boosted their target price 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 increased their price target on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $11.17.

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.