MannKind Corporation (NASDAQ:MNKD) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. has decreased its stake in MannKind Corporation by 6.7% in the first quarter, holding approximately 1.77 million shares worth $8.93 million after selling 126,836 shares.
• MannKind recently reported a quarterly earnings of $0.05 EPS, surpassing the consensus estimate of $0.04 EPS, while its quarterly revenue was $76.53 million, slightly below expectations.
• Research analysts have mixed views on MannKind, with target price adjustments; Royal Bank of Canada lowered its target from $8.00 to $7.00, while HC Wainwright raised its target to $9.00, reflecting a consensus rating of "Buy."

Connor Clark & Lunn Investment Management Ltd. cut its stake in MannKind Corporation (NASDAQ:MNKD - Free Report) by 6.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,774,944 shares of the biopharmaceutical company's stock after selling 126,836 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.58% of MannKind worth $8,928,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MNKD. Vanguard Group Inc. raised its stake in MannKind by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock valued at $87,131,000 after purchasing an additional 1,263,622 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in MannKind in the 1st quarter valued at $51,000. Jefferies Financial Group Inc. acquired a new position in MannKind in the 1st quarter valued at $79,000. XTX Topco Ltd raised its stake in MannKind by 17.3% in the 1st quarter. XTX Topco Ltd now owns 79,050 shares of the biopharmaceutical company's stock valued at $398,000 after purchasing an additional 11,654 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in MannKind by 46.6% in the 1st quarter. Mackenzie Financial Corp now owns 117,638 shares of the biopharmaceutical company's stock valued at $592,000 after purchasing an additional 37,420 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Trading Up 0.8%

MannKind stock traded up $0.03 during midday trading on Friday, reaching $3.73. 3,126,396 shares of the stock traded hands, compared to its average volume of 3,152,934. The firm has a market cap of $1.14 billion, a PE ratio of 33.91 and a beta of 1.02. The company has a 50-day simple moving average of $3.80 and a two-hundred day simple moving average of $4.55. MannKind Corporation has a 12-month low of $3.38 and a 12-month 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The company 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%. MannKind's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 EPS. Equities research analysts anticipate that MannKind Corporation will post 0.1 earnings per share for the current year.

Analyst Ratings Changes

MNKD has been the subject of several recent research reports. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright upgraded MannKind to a "buy" rating and set a $9.00 target price for the company in a report on Wednesday, July 16th. Finally, Royal Bank Of Canada reduced their price objective on shares of MannKind from $8.00 to $7.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, MannKind presently has an average rating of "Buy" and an average price target of $9.71.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the sale, the director 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 document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 153,875 shares of company stock valued at $616,771. 2.70% of the stock is owned by company insiders.

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.