MannKind Corporation $MNKD Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its stake in MannKind Corporation by 62.7% in Q1, now holding 157,445 shares valued at $792,000.
• MannKind's latest earnings report revealed an EPS of $0.05, surpassing estimates, with quarterly revenue of $76.53 million, a 5.7% increase compared to the previous year.
• Wall Street ratings recently varied, with some analysts maintaining a "buy" rating, while others downgraded to "hold", but the stock has a consensus target price of $9.50.

Russell Investments Group Ltd. trimmed its position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 62.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157,445 shares of the biopharmaceutical company's stock after selling 264,214 shares during the period. Russell Investments Group Ltd. owned approximately 0.05% of MannKind worth $792,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. grew its position in MannKind by 4.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company's stock valued at $306,000 after acquiring an additional 2,420 shares during the period. State of Wyoming raised its holdings in shares of MannKind by 51.6% in the 4th quarter. State of Wyoming now owns 12,772 shares of the biopharmaceutical company's stock worth $82,000 after purchasing an additional 4,345 shares during the period. MetLife Investment Management LLC lifted its stake in shares of MannKind by 3.3% in the 4th quarter. MetLife Investment Management LLC now owns 158,481 shares of the biopharmaceutical company's stock valued at $1,019,000 after purchasing an additional 5,110 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of MannKind during the 4th quarter worth about $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in MannKind by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 204,486 shares of the biopharmaceutical company's stock worth $1,316,000 after purchasing an additional 6,750 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company's stock.

MannKind Stock Down 2.5%

Shares of MNKD traded down $0.14 during mid-day trading on Thursday, reaching $5.37. 919,837 shares of the stock traded hands, compared to its average volume of 2,660,349. The stock has a fifty day simple moving average of $3.93 and a 200 day simple moving average of $4.44. MannKind Corporation has a 12-month low of $3.38 and a 12-month high of $7.63. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 49.02 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $77.82 million. During the same period in the prior year, the firm earned $0.05 earnings per share. The business's quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts expect that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the transaction, the director 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.00% of the company's stock.

Analyst Ratings Changes

MNKD has been the topic of several research reports. Wall Street Zen lowered shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Royal Bank Of Canada increased their price objective 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. Wells Fargo & Company raised their target price on shares of MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, HC Wainwright upped their price target on shares of MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $10.00.

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.