TSP Capital Management Group LLC Raises Stock Position in MannKind Corporation $MNKD

TSP Capital Management Group LLC raised its position in MannKind Corporation (NASDAQ:MNKD) by 12.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,343,975 shares of the biopharmaceutical company’s stock after purchasing an additional 380,800 shares during the quarter. MannKind comprises 2.0% of TSP Capital Management Group LLC’s investment portfolio, making the stock its 23rd biggest position. TSP Capital Management Group LLC owned 1.08% of MannKind worth $8,193,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Rubric Capital Management LP acquired a new position in MannKind in the third quarter valued at approximately $61,297,000. Frazier Life Sciences Management L.P. purchased a new position in MannKind in the fourth quarter worth approximately $23,956,000. State Street Corp increased its stake in MannKind by 36.2% during the fourth quarter. State Street Corp now owns 14,623,269 shares of the biopharmaceutical company’s stock worth $82,914,000 after acquiring an additional 3,883,071 shares during the last quarter. UBS Group AG increased its stake in MannKind by 146.7% during the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after acquiring an additional 3,088,820 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in MannKind by 316.2% in the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Royal Bank Of Canada upped their price target on MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research note on Thursday, May 7th. HC Wainwright raised their price objective on MannKind from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wedbush reduced their price objective on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Finally, Mizuho lowered their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. Seven investment 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’s stock. According to data from MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.97.

Insiders Place Their Bets

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 value of $55,732.60. Following the completion of the transaction, the director owned 808,008 shares in the company, valued at $2,658,346.32. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is currently owned by company insiders.

MannKind Price Performance

Shares of NASDAQ MNKD opened at $4.05 on Thursday. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -57.85 and a beta of 1.09. The stock’s 50-day moving average is $3.45 and its two-hundred day moving average is $4.09. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.The firm had revenue of $90.17 million for the quarter, compared to analysts’ expectations of $105.38 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts anticipate that MannKind Corporation will post -0.06 earnings per share for the current fiscal year.

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).