Voya Investment Management LLC Cuts Holdings in MannKind Corporation $MNKD

Key Points

• Voya Investment Management LLC reduced its stake in MannKind Corporation by 11.3% in the first quarter, selling 58,689 shares and retaining 458,771 shares worth approximately $2.3 million.
• Analyst ratings for MannKind have been mixed, with target prices ranging from $8.00 to $15.00, and a current consensus rating of "Buy" with an average target price of $11.17.
• MannKind reported a 5.7% increase in revenue year-over-year, totaling $76.53 million for the most recent quarter, with earnings per share beating consensus estimates.

Voya Investment Management LLC cut its position in shares of MannKind Corporation (NASDAQ:MNKD - Free Report) by 11.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 458,771 shares of the biopharmaceutical company's stock after selling 58,689 shares during the period. Voya Investment Management LLC owned approximately 0.15% of MannKind worth $2,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MNKD. China Universal Asset Management Co. Ltd. boosted its stake in shares of 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 worth $306,000 after buying an additional 2,420 shares during the period. E Fund Management Co. Ltd. lifted its stake in shares of MannKind by 11.9% during the first quarter. E Fund Management Co. Ltd. now owns 24,667 shares of the biopharmaceutical company's stock worth $124,000 after purchasing an additional 2,628 shares in the last quarter. State of Wyoming grew its position in shares of MannKind by 51.6% during the fourth quarter. State of Wyoming now owns 12,772 shares of the biopharmaceutical company's stock worth $82,000 after buying an additional 4,345 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of MannKind during the fourth quarter worth approximately $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MannKind by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company's stock worth $1,059,000 after purchasing an additional 6,079 shares during the last quarter. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stuart A. Tross sold 47,000 shares of MannKind stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $5.34, for a total value of $250,980.00. Following the sale, the insider directly owned 1,032,013 shares of the company's stock, valued at approximately $5,510,949.42. This trade represents a 4.36% decrease in their position. The disclosure for this sale can be found here. 3.00% of the stock is owned by company insiders.

Analyst Ratings Changes

MNKD has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their target price on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Wells Fargo & Company lifted their price target on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Wall Street Zen downgraded MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Oppenheimer upped their target price on MannKind from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. Finally, HC Wainwright reiterated a "buy" rating and issued a $11.00 price target on shares of MannKind in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $11.17.

MannKind Price Performance

Shares of MNKD stock traded up $0.14 on Monday, hitting $5.57. 2,996,551 shares of the company's stock were exchanged, compared to its average volume of 5,918,443. The stock has a market cap of $1.71 billion, a P/E ratio of 50.64 and a beta of 1.02. MannKind Corporation has a 12 month low of $3.38 and a 12 month high of $7.63. The company has a 50 day moving average of $4.39 and a 200 day moving average of $4.44.

MannKind (NASDAQ:MNKD - Get Free Report) last issued its quarterly 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 negative return on equity of 32.60% and a net margin of 10.87%.The company 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 posted $0.05 earnings per share. The business's quarterly revenue was up 5.7% on a year-over-year basis. Sell-side analysts predict 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.