PDT Partners LLC Takes Position in MannKind Corporation $MNKD

Key Points

• PDT Partners LLC has acquired a new position in MannKind Corporation, purchasing 88,118 shares valued at approximately $443,000 in the first quarter.
• Analysts have mixed views on MannKind's stock, with HC Wainwright raising its price target to $11 and others like Wall Street Zen downgrading it to a "hold," resulting in an average rating of "Buy."
• Insider trading activity indicates a sale by Director Steven B. Binder of 75,367 shares for about $296,946, leading to an 8.32% decrease in their ownership of the stock.

PDT Partners LLC purchased a new position in MannKind Corporation (NASDAQ:MNKD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 88,118 shares of the biopharmaceutical company's stock, valued at approximately $443,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position 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 buying an additional 1,263,622 shares during the last quarter. D. E. Shaw & Co. Inc. grew its position in 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. Millennium Management LLC grew its position in MannKind by 108.8% in the fourth quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company's stock worth $22,167,000 after buying an additional 1,796,442 shares during the last quarter. Nuveen LLC acquired a new position in MannKind in the first quarter worth approximately $17,011,000. Finally, Bank of America Corp DE grew its position 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 buying an additional 765,483 shares during the last quarter. Institutional investors and hedge funds own 49.55% of the company's stock.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the transaction, the director directly owned 830,508 shares of the company's stock, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.00% of the company's stock.

MannKind Trading Up 3.7%

MNKD stock traded up $0.20 during midday trading on Friday, reaching $5.54. The company had a trading volume of 6,758,364 shares, compared to its average volume of 5,243,735. The company has a 50 day moving average of $4.00 and a two-hundred day moving average of $4.42. MannKind Corporation has a 1 year low of $3.38 and a 1 year high of $7.63. The company has a market capitalization of $1.70 billion, a P/E ratio of 50.37 and a beta of 1.02.

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 for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.82 million. During the same period in the prior year, the business posted $0.05 earnings per share. MannKind's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that MannKind Corporation will post 0.1 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on MNKD shares. Wall Street Zen lowered shares of MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Oppenheimer raised their price objective on shares of MannKind from $12.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday. HC Wainwright raised their price objective on shares of MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada raised their price objective on shares of MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Finally, Wells Fargo & Company raised their price objective on shares of MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $10.71.

MannKind Company 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.