Sei Investments Co. Buys 253,537 Shares of MannKind Corporation $MNKD

Key Points

• Sei Investments increased its MannKind stake by 53.6% in the first quarter, purchasing 253,537 shares for a total holding of 726,396 shares valued at approximately $1.78 million. Institutional investors collectively own 49.55% of MNKD.
• MannKind shares opened at $4.11, compared with a 12-month range of $2.23 to $6.51. The stock has a market capitalization of about $1.32 billion and trades at a negative price-to-earnings ratio.
• Analysts maintain a generally positive outlook, with seven Buy, two Hold, and one Sell ratings; the consensus is “Moderate Buy” with an average price target of $9.22, despite several recent target reductions.

Sei Investments Co. raised its stake in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 53.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 726,396 shares of the biopharmaceutical company's stock after purchasing an additional 253,537 shares during the period. Sei Investments Co. owned 0.24% of MannKind worth $1,780,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MNKD. EcoR1 Capital LLC acquired a new position in MannKind in the 4th quarter valued at $9,412,000. Dimensional Fund Advisors LP boosted its holdings in MannKind by 11.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company's stock valued at $12,134,000 after acquiring an additional 509,692 shares during the period. 180 Wealth Advisors LLC grew its position in shares of MannKind by 45.0% in the first quarter. 180 Wealth Advisors LLC now owns 4,291,703 shares of the biopharmaceutical company's stock valued at $10,515,000 after purchasing an additional 1,332,759 shares during the last quarter. First Trust Advisors LP grew its position in shares of MannKind by 48.0% in the first quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company's stock valued at $2,130,000 after purchasing an additional 282,068 shares during the last quarter. Finally, Apis Capital Advisors LLC bought a new position in shares of MannKind in the fourth quarter worth about $6,805,000. 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 16,940 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the sale, the director directly owned 808,008 shares in the company, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.60% of the company's stock.

MannKind Price Performance

MNKD stock opened at $4.11 on Monday. MannKind Corporation has a twelve month low of $2.23 and a twelve month high of $6.51. The company has a market cap of $1.32 billion, a PE ratio of -31.62 and a beta of 1.12. The business's 50-day simple moving average is $3.93 and its 200 day simple moving average is $3.76.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Weiss Ratings reissued a "sell (d)" rating on shares of MannKind in a research report on Wednesday, July 8th. Wells Fargo & Company dropped their price target on MannKind from $14.00 to $13.00 and set an "overweight" rating on the stock in a research report on Thursday. Mizuho reduced their price objective on MannKind from $8.00 to $7.00 and set an "outperform" rating for the company in a research report on Thursday, May 7th. Wall Street Zen lowered shares of MannKind from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, HC Wainwright reaffirmed a "buy" rating on shares of MannKind in a research report on Thursday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $9.22.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).

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