MannKind Corporation $MNKD Position Lessened by Deltec Asset Management LLC

Deltec Asset Management LLC decreased its position in shares of MannKind Corporation (NASDAQ:MNKD) by 56.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 428,000 shares of the biopharmaceutical company’s stock after selling 546,700 shares during the period. Deltec Asset Management LLC owned 0.14% of MannKind worth $1,049,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of MNKD. JPMorgan Chase & Co. lifted its stake in MannKind by 51.5% in the third quarter. JPMorgan Chase & Co. now owns 2,047,869 shares of the biopharmaceutical company’s stock valued at $10,997,000 after acquiring an additional 695,852 shares during the last quarter. EcoR1 Capital LLC acquired a new stake in shares of MannKind in the 4th quarter valued at $9,412,000. Apis Capital Advisors LLC acquired a new stake in shares of MannKind in the 4th quarter valued at $6,805,000. Vanguard Group Inc. lifted its stake in shares of MannKind by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock valued at $101,385,000 after purchasing an additional 250,290 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new stake in MannKind in the fourth quarter worth $23,956,000. 49.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total transaction of $55,732.60. Following the completion of the sale, the director owned 808,008 shares in the company, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company’s stock.

MannKind Trading Down 4.9%

Shares of NASDAQ:MNKD opened at $4.05 on Thursday. The stock has a market capitalization of $1.25 billion, a P/E ratio of -57.85 and a beta of 1.09. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51. The business has a 50-day moving average price of $3.45 and a two-hundred day moving average price of $4.09.

MannKind (NASDAQ:MNKD) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). MannKind had a negative net margin of 6.63% and a negative return on equity of 11.21%. The business had revenue of $90.17 million during the quarter, compared to the consensus estimate of $105.38 million. During the same period last year, the business posted $0.04 EPS. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, equities analysts predict that MannKind Corporation will post -0.06 EPS for the current year.

Analyst Ratings Changes

MNKD has been the topic of several recent research reports. Zacks Research upgraded MannKind from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 15th. Wedbush lowered their price target on MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Wells Fargo & Company set a $11.00 target price on MannKind and gave the stock an “overweight” rating in a research report on Monday, June 1st. Royal Bank Of Canada raised their target price on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. Finally, HC Wainwright raised their price target on MannKind from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.97.

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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).