Wellington Management Group LLP Trims Position in MannKind Corporation $MNKD

Key Points

• Wellington Management Group LLP has reduced its stake in MannKind Corporation by 6.5% in the first quarter, now holding 807,929 shares valued at approximately $4.06 million.
• Several large investors, including Dimensional Fund Advisors and First Trust Advisors, have increased their stakes in MannKind during the fourth quarter, indicating ongoing institutional interest.
• Analysts have mixed opinions on MannKind's stock, with price targets ranging from $8.00 to $9.00, while the stock currently has a consensus rating of "Buy" and opened at $4.59.

Wellington Management Group LLP trimmed its holdings in MannKind Corporation (NASDAQ:MNKD - Free Report) by 6.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 807,929 shares of the biopharmaceutical company's stock after selling 55,754 shares during the quarter. Wellington Management Group LLP owned approximately 0.27% of MannKind worth $4,064,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GF Fund Management CO. LTD. bought a new position in shares of MannKind during the fourth quarter worth $37,000. Blueshift Asset Management LLC purchased a new stake in MannKind in the 1st quarter worth $51,000. Sowell Financial Services LLC bought a new position in shares of MannKind during the 1st quarter valued at about $56,000. Kovitz Investment Group Partners LLC purchased a new position in shares of MannKind during the fourth quarter valued at about $65,000. Finally, Virtu Financial LLC bought a new stake in shares of MannKind in the first quarter worth about $70,000. Institutional investors own 49.55% of the company's stock.

Insider Buying and Selling

In related news, Director Steven B. Binder sold 75,367 shares of the 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 sale, the director directly owned 830,508 shares of the company's stock, valued at $3,272,201.52. This represents a 8.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.00% of the company's stock.

MannKind Trading Down 2.5%

NASDAQ:MNKD traded down $0.14 during midday trading on Thursday, hitting $5.37. 919,837 shares of the company traded hands, compared to its average volume of 2,660,349. The firm has a market capitalization of $1.65 billion, a P/E ratio of 49.02 and a beta of 1.02. The firm's fifty day moving average is $3.93 and its 200-day moving average is $4.44. MannKind Corporation has a 12-month low of $3.38 and a 12-month high of $7.63.

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

Analyst Upgrades and Downgrades

MNKD has been the subject of a number of research reports. Wells Fargo & Company raised their price target on MannKind from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday. Royal Bank Of Canada upped their price objective on MannKind from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Wall Street Zen lowered shares of MannKind from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, HC Wainwright boosted their price target on shares of MannKind from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $10.00.

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.