Nitorum Capital L.P. Sells 961,614 Shares of MannKind Corporation $MNKD

Key Points

• Nitorum Capital L.P. reduced its stake in MannKind Corporation by 11.0%, now holding 7,785,702 shares, which represents 5.5% of its portfolio.
• MannKind recently reported $0.05 EPS for the quarter, exceeding the expected $0.04, but its revenue of $76.53 million fell short of estimates.
• Analysts have mixed views on MannKind, with two Strong Buy ratings and five Buy ratings, while Wall Street Zen downgraded it to a "hold" rating recently.

Nitorum Capital L.P. reduced its holdings in MannKind Corporation (NASDAQ:MNKD - Free Report) by 11.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,785,702 shares of the biopharmaceutical company's stock after selling 961,614 shares during the quarter. MannKind comprises 5.5% of Nitorum Capital L.P.'s portfolio, making the stock its 4th biggest holding. Nitorum Capital L.P. owned approximately 2.56% of MannKind worth $39,162,000 at the end of the most recent quarter.

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

Insider Activity at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the 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 sale, the director owned 830,508 shares in the company, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.00% of the company's stock.

MannKind Stock Performance

NASDAQ MNKD traded up $0.20 during trading on Friday, reaching $5.54. 6,758,364 shares of the company traded hands, compared to its average volume of 5,243,735. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 50.37 and a beta of 1.02. MannKind Corporation has a 1-year low of $3.38 and a 1-year high of $7.63. The stock's 50 day moving average price is $4.00 and its two-hundred day moving average price is $4.42.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $76.53 million for 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 business's revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 earnings per share. Equities research analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MNKD shares. Royal Bank Of Canada lifted their target price on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright upped their target price on MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Oppenheimer upped their target price on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Wells Fargo & Company upped their target price on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $10.71.

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.