Vanguard Group Inc. Boosts Holdings in 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. boosted its stake in MannKind Corporation (NASDAQ:MNKD - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,322,179 shares of the biopharmaceutical company's stock after buying 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 quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MNKD. GF Fund Management CO. LTD. purchased a new stake in MannKind during the fourth quarter worth about $37,000. Blueshift Asset Management LLC purchased a new stake in MannKind during the first quarter worth about $51,000. Sowell Financial Services LLC purchased a new stake in MannKind during the first quarter worth about $56,000. Kovitz Investment Group Partners LLC purchased a new stake in MannKind during the fourth quarter worth about $65,000. Finally, Waverly Advisors LLC purchased a new stake in MannKind during the fourth quarter worth about $72,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MNKD has been the topic of a number of recent research reports. Wall Street Zen lowered shares of MannKind from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. HC Wainwright restated a "buy" rating and set a $9.00 target price on shares of MannKind in a research note on Monday. Finally, Royal Bank Of Canada upped their target price on shares of MannKind from $7.00 to $8.00 and gave the stock 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 assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $9.50.

Insider Buying and Selling at MannKind

In other news, Director Steven B. Binder sold 75,367 shares of the stock in a transaction that occurred on 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 sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.70% of the company's stock.

MannKind Stock Up 2.2%

MNKD traded up $0.10 on Friday, reaching $4.59. The company's stock had a trading volume of 4,210,244 shares, compared to its average volume of 3,815,401. The stock has a 50 day moving average of $3.85 and a two-hundred day moving average of $4.44. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 41.73 and a beta of 1.02. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.63.

MannKind (NASDAQ:MNKD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The firm's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 earnings per share. As a group, analysts anticipate that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

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.