Millennium Management LLC Acquires 2,375,198 Shares of 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 MannKind Corporation (NASDAQ:MNKD - Free Report) by 68.9% during the 1st quarter, according to the company in 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 quarter. Millennium Management LLC owned approximately 1.92% of MannKind worth $29,288,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MNKD. Nuveen LLC bought a new position in MannKind in the first quarter worth approximately $17,011,000. Vanguard Group Inc. grew its stake in MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock worth $87,131,000 after purchasing an additional 1,263,622 shares in the last quarter. Bank of America Corp DE grew its stake in MannKind by 29.5% in the fourth quarter. Bank of America Corp DE now owns 3,364,313 shares of the biopharmaceutical company's stock worth $21,633,000 after purchasing an additional 765,483 shares in the last quarter. Trexquant Investment LP grew its stake in MannKind by 743.3% in the first quarter. Trexquant Investment LP now owns 702,240 shares of the biopharmaceutical company's stock worth $3,532,000 after purchasing an additional 618,972 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in MannKind by 16.8% in the fourth quarter. Two Sigma Advisers LP now owns 3,092,627 shares of the biopharmaceutical company's stock worth $19,886,000 after purchasing an additional 444,300 shares in the last quarter. Institutional investors own 49.55% of the company's stock.

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 completion of 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.70% of the company's stock.

MannKind Stock Up 1.1%

MannKind stock opened at $5.57 on Thursday. The business has a fifty day moving average of $4.11 and a two-hundred day moving average of $4.44. The firm has a market cap of $1.71 billion, a P/E ratio of 50.64 and a beta of 1.02. MannKind Corporation has a twelve month low of $3.38 and a twelve month high of $7.63.

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 analysts' consensus estimates of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.82 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. MannKind's revenue was up 5.7% on a year-over-year basis. Equities analysts expect that MannKind Corporation will post 0.1 earnings per share for the current year.

Analysts Set New Price Targets

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

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.

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