Vanguard Group Inc. Acquires 1,263,622 Shares of MannKind Corporation $MNKD

Key Points

• Vanguard Group Inc. has increased its ownership in MannKind Corporation by 7.9%, acquiring an additional 1,263,622 shares, bringing its total stake to 17,322,179 shares valued at approximately $87.13 million.
• Wall Street analysts have mixed views on MannKind, with a consensus rating of "Buy" and a price target of $9.71, while recent adjustments by some analysts have lowered price targets.
• MannKind's stock has shown a 4.3% increase, with recent earnings reporting a net margin of 10.87% and a quarterly revenue growth of 5.7% year over year.

Vanguard Group Inc. raised its position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 7.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,322,179 shares of the biopharmaceutical company's stock after purchasing an additional 1,263,622 shares during the period. Vanguard Group Inc. owned approximately 5.70% of MannKind worth $87,131,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Blueshift Asset Management LLC purchased a new stake in MannKind during the first quarter valued at about $51,000. Jefferies Financial Group Inc. purchased a new stake in MannKind during the first quarter valued at about $79,000. XTX Topco Ltd raised its position in MannKind by 17.3% during the first quarter. XTX Topco Ltd now owns 79,050 shares of the biopharmaceutical company's stock valued at $398,000 after purchasing an additional 11,654 shares in the last quarter. Mackenzie Financial Corp raised its position in MannKind by 46.6% during the first quarter. Mackenzie Financial Corp now owns 117,638 shares of the biopharmaceutical company's stock valued at $592,000 after purchasing an additional 37,420 shares in the last quarter. Finally, Carrera Capital Advisors grew its stake in shares of MannKind by 5.2% during the first quarter. Carrera Capital Advisors now owns 167,386 shares of the biopharmaceutical company's stock valued at $842,000 after buying an additional 8,221 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company's stock.

MannKind Price Performance

MNKD traded down $0.07 on Thursday, hitting $4.46. The company had a trading volume of 3,127,930 shares, compared to its average volume of 2,452,748. MannKind Corporation has a 52-week low of $3.38 and a 52-week high of $7.63. The stock has a fifty day simple moving average of $3.82 and a 200-day simple moving average of $4.46. The firm has a market capitalization of $1.37 billion, a P/E ratio of 40.50 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. 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 analyst estimates of $77.82 million. During the same period last year, the business posted $0.05 earnings per share. MannKind's quarterly revenue was up 5.7% compared to the same quarter last year. Equities research analysts expect that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 75,367 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. 2.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MNKD shares. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of MannKind in a research note on Monday. Wall Street Zen cut MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Royal Bank Of Canada raised their price objective on MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday. 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, MannKind currently has a consensus rating of "Buy" and a consensus price target of $9.50.

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.