Millennium Management LLC Raises Stock Position in MannKind Corporation $MNKD

Key Points

• Millennium Management LLC increased its position in MannKind Corporation by 68.9%, purchasing an additional 2,375,198 shares during the first quarter, bringing its total ownership to approximately 5.82 million shares valued at $29.3 million.
• Various institutional investors, including Nuveen LLC and Vanguard Group Inc., have also significantly increased their stakes in MannKind, contributing to institutional ownership of 49.55%.
• MannKind has seen its stock price rise 1.1% recently, with analysts setting new price targets, including Wells Fargo's increase from $9.00 to $10.00 and Oppenheimer's revision from $12.00 to $15.00.

Millennium Management LLC increased its position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 68.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,822,590 shares of the biopharmaceutical company's stock after purchasing an additional 2,375,198 shares during the period. Millennium Management LLC owned approximately 1.92% of MannKind worth $29,288,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its holdings in MannKind by 5.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,029,319 shares of the biopharmaceutical company's stock worth $10,207,000 after purchasing an additional 110,945 shares in the last quarter. 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 in the last quarter. PDT Partners LLC purchased a new position in MannKind during the first quarter worth about $443,000. Man Group plc grew its position 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 buying an additional 219,891 shares during the period. Finally, SG Americas Securities LLC grew its position 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 buying an additional 63,209 shares during the period. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Stock Down 0.2%

Shares of MNKD traded down $0.01 on Tuesday, hitting $5.37. 3,117,250 shares of the stock traded hands, compared to its average volume of 5,694,131. The firm has a market capitalization of $1.65 billion, a P/E ratio of 48.82 and a beta of 1.02. The stock's 50 day moving average is $4.26 and its two-hundred day moving average is $4.43. MannKind Corporation has a 1 year low of $3.38 and a 1 year high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The business 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%. The company's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Research analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Wall Street Analyst Weigh In

MNKD has been the topic of several recent analyst reports. Wells Fargo & Company upped their target price on shares of MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Royal Bank Of Canada upped their target price on shares of MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Oppenheimer upped their target price on shares of MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. HC Wainwright increased their price target on shares of MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. Finally, Wall Street Zen lowered shares of MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $11.17.

Insiders Place Their Bets

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.00% of the stock is currently owned by corporate insiders.

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.