State of Wyoming Boosts Position in MannKind Corporation $MNKD

Key Points

• The State of Wyoming significantly increased its stake in MannKind Corporation, growing holdings by 341.2% in Q1, owning 56,350 shares worth approximately $283,000.
• Multiple institutional investors have also enhanced their positions in MannKind, with Gotham Asset Management raising its stake by 22.4% and Man Group plc by 61.4% in the fourth quarter.
• Analyst ratings for MannKind show a mix of revisions, with HC Wainwright raising the price target to $11.00 while Wall Street Zen downgraded it from "buy" to "hold," indicating ongoing market variability.

State of Wyoming grew its stake in MannKind Corporation (NASDAQ:MNKD - Free Report) by 341.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,350 shares of the biopharmaceutical company's stock after buying an additional 43,578 shares during the quarter. State of Wyoming's holdings in MannKind were worth $283,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Gotham Asset Management LLC raised its stake in MannKind by 22.4% during the 4th quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company's stock valued at $341,000 after purchasing an additional 9,717 shares during the period. Graham Capital Management L.P. purchased a new position in MannKind during the 4th quarter valued at approximately $10,229,000. Man Group plc grew its holdings in MannKind by 61.4% during the 4th quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company's stock valued at $3,719,000 after buying an additional 219,891 shares in the last quarter. SG Americas Securities LLC grew its holdings in MannKind by 223.2% during the 1st quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company's stock valued at $460,000 after buying an additional 63,209 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in MannKind by 23.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock valued at $27,450,000 after buying an additional 798,469 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MNKD shares. HC Wainwright raised their price objective on MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday. Royal Bank Of Canada boosted their price target on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Finally, Wall Street Zen lowered MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $9.83.

Insider Transactions at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $3.94, for a total transaction of $296,945.98. Following the completion of the transaction, the director directly owned 830,508 shares in the company, valued at $3,272,201.52. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.00% of the stock is currently owned by company insiders.

MannKind Price Performance

Shares of MannKind stock opened at $5.74 on Wednesday. The business has a 50 day simple moving average of $3.90 and a two-hundred day simple moving average of $4.43. MannKind Corporation has a 12 month low of $3.38 and a 12 month high of $7.63. The stock has a market capitalization of $1.76 billion, a P/E ratio of 52.19 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 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business had revenue of $76.53 million during the quarter, compared to analysts' expectations of $77.82 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business's revenue was up 5.7% compared to the same quarter last year. As a group, research analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal 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.

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