Nomura Holdings Inc. Sells 2,792,237 Shares of MannKind Co. (NASDAQ:MNKD)

Nomura Holdings Inc. cut its holdings in shares of MannKind Co. (NASDAQ:MNKD - Free Report) by 94.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,959 shares of the biopharmaceutical company's stock after selling 2,792,237 shares during the period. Nomura Holdings Inc. owned approximately 0.06% of MannKind worth $1,041,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in MannKind by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 16,058,557 shares of the biopharmaceutical company's stock worth $103,257,000 after purchasing an additional 420,334 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of MannKind by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 6,374,274 shares of the biopharmaceutical company's stock worth $40,996,000 after purchasing an additional 35,346 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of MannKind by 275.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,887,609 shares of the biopharmaceutical company's stock worth $31,427,000 after buying an additional 3,587,484 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of MannKind by 23.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock worth $27,450,000 after buying an additional 798,469 shares during the last quarter. Finally, Millennium Management LLC grew its position in MannKind by 108.8% during the fourth quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company's stock valued at $22,167,000 after buying an additional 1,796,442 shares during the period. 49.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on MNKD shares. Wall Street Zen raised shares of MannKind from a "hold" rating to a "buy" rating in a report on Wednesday, March 19th. Wedbush reaffirmed an "outperform" rating and set a $11.00 target price on shares of MannKind in a report on Thursday, February 27th. Finally, Mizuho started coverage on shares of MannKind in a report on Thursday, April 10th. They set an "outperform" rating and a $12.00 target price for the company. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, MannKind presently has an average rating of "Buy" and an average target price of $10.00.

Insider Activity

In related news, Director Steven B. Binder sold 80,144 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $4.69, for a total transaction of $375,875.36. Following the sale, the director now owns 1,006,611 shares of the company's stock, valued at approximately $4,721,005.59. This trade represents a 7.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the sale, the executive vice president now directly owns 772,427 shares in the company, valued at $3,614,958.36. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 126,746 shares of company stock valued at $589,958 in the last ninety days. Corporate insiders own 2.70% of the company's stock.

MannKind Price Performance

Shares of MNKD stock traded down $0.10 during trading hours on Friday, reaching $4.12. 2,032,135 shares of the company traded hands, compared to its average volume of 2,383,072. MannKind Co. has a 12-month low of $4.05 and a 12-month high of $7.63. The company has a market cap of $1.25 billion, a P/E ratio of 58.86 and a beta of 1.14. The firm has a 50-day moving average price of $4.75 and a 200 day moving average price of $5.65.

MannKind (NASDAQ:MNKD - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. The firm had revenue of $78.35 million for the quarter, compared to analysts' expectations of $75.86 million. During the same period in the previous year, the firm earned $0.05 EPS. The business's quarterly revenue was up 18.1% on a year-over-year basis. Sell-side analysts predict that MannKind Co. will post 0.1 EPS for the current year.

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.