Braidwell LP Buys New Shares in MannKind Corporation $MNKD

Braidwell LP bought a new position in shares of MannKind Corporation (NASDAQ:MNKD) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,458,429 shares of the biopharmaceutical company’s stock, valued at approximately $14,733,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MNKD. Krilogy Financial LLC acquired a new position in MannKind in the 1st quarter valued at approximately $28,000. Independent Financial Group LLC acquired a new stake in shares of MannKind during the 1st quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of MannKind by 108.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 2,927 shares in the last quarter. Waverly Advisors LLC acquired a new stake in shares of MannKind during the 1st quarter worth approximately $43,000. Finally, International Assets Investment Management LLC bought a new stake in shares of MannKind during the fourth quarter valued at approximately $45,000. 49.55% of the stock is currently owned by institutional investors.

MannKind Stock Performance

Shares of NASDAQ MNKD opened at $4.04 on Thursday. MannKind Corporation has a 52-week low of $2.23 and a 52-week high of $6.51. The business has a fifty day moving average of $4.05 and a two-hundred day moving average of $3.55. The stock has a market cap of $1.30 billion, a PE ratio of -31.08 and a beta of 1.10.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $109.37 million during the quarter, compared to the consensus estimate of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The firm’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period last year, the firm posted $0.05 EPS. Analysts predict that MannKind Corporation will post -0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. HC Wainwright restated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Mizuho lowered their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Thursday, May 7th. Royal Bank Of Canada increased their price objective on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company reduced their price objective on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.22.

Insider Activity at MannKind

In related news, Director Steven B. Binder sold 39,051 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $4.06, for a total transaction of $158,547.06. Following the sale, the director directly owned 785,867 shares in the company, valued at $3,190,620.02. This represents a 4.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by insiders.

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).