Nuveen LLC Acquires Shares of 3,381,956 MannKind Corporation $MNKD

Key Points

• Nuveen LLC has acquired a new position in MannKind Corporation, purchasing 3,381,956 shares worth approximately $17.01 million.
• MannKind reported $0.05 earnings per share for the last quarter, slightly exceeding the consensus estimate of $0.04; however, revenue fell short of expectations.
• Analysts have mixed ratings for MannKind, with a consensus rating of "Buy" and a price target averaging $9.71 per share.

Nuveen LLC acquired a new stake in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 3,381,956 shares of the biopharmaceutical company's stock, valued at approximately $17,011,000. Nuveen LLC owned approximately 1.11% of MannKind at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MNKD. GF Fund Management CO. LTD. purchased a new stake in MannKind during the 4th quarter valued at about $37,000. Blueshift Asset Management LLC purchased a new stake in MannKind during the 1st quarter valued at about $51,000. Sowell Financial Services LLC purchased a new stake in MannKind during the 1st quarter valued at about $56,000. Kovitz Investment Group Partners LLC purchased a new stake in MannKind during the 4th quarter valued at about $65,000. Finally, Virtu Financial LLC purchased a new stake in shares of MannKind in the 1st quarter valued at approximately $70,000. Hedge funds and other institutional investors own 49.55% of the company's stock.

Analyst Upgrades and Downgrades

MNKD has been the subject of several analyst reports. Royal Bank Of Canada increased their price target on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday. HC Wainwright reissued a "buy" rating and issued a $9.00 price target on shares of MannKind in a research note on Monday. Finally, Wall Street Zen cut shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $9.86.

Insider Transactions at MannKind

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 sale, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. This represents a 8.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.00% of the stock is currently owned by company insiders.

MannKind Price Performance

Shares of MNKD stock traded up $0.17 during trading hours on Tuesday, hitting $4.07. The company had a trading volume of 4,166,658 shares, compared to its average volume of 3,318,723. The company's fifty day moving average is $3.80 and its 200 day moving average is $4.46. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.63. The stock has a market capitalization of $1.25 billion, a PE ratio of 37.00 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 EPS. Equities analysts forecast that MannKind Corporation will post 0.1 earnings per share 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.