Wellington Management Group LLP Purchases 4,561,628 Shares of MannKind Corporation $MNKD

Wellington Management Group LLP increased its position in shares of MannKind Corporation (NASDAQ:MNKD) by 138.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,844,807 shares of the biopharmaceutical company’s stock after purchasing an additional 4,561,628 shares during the quarter. Wellington Management Group LLP owned approximately 2.44% of MannKind worth $33,419,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. boosted its stake in shares of MannKind by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock worth $871,000 after buying an additional 2,201 shares during the last quarter. Mariner LLC increased its position in shares of MannKind by 1.3% during the fourth quarter. Mariner LLC now owns 209,479 shares of the biopharmaceutical company’s stock valued at $1,188,000 after acquiring an additional 2,777 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of MannKind by 108.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 2,927 shares during the last quarter. Royal Bank of Canada lifted its holdings in MannKind by 2.1% during the fourth quarter. Royal Bank of Canada now owns 206,612 shares of the biopharmaceutical company’s stock worth $1,170,000 after acquiring an additional 4,200 shares during the period. Finally, Alliancebernstein L.P. boosted its position in MannKind by 1.7% in the third quarter. Alliancebernstein L.P. now owns 279,091 shares of the biopharmaceutical company’s stock worth $1,499,000 after purchasing an additional 4,541 shares during the last quarter. 49.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wells Fargo & Company reduced their price objective on MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Thursday, July 23rd. Finally, Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.39.

Insiders Place Their Bets

In related news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the transaction, the director directly owned 785,867 shares in the company, valued at approximately $3,190,620.02. The trade was a 4.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

MannKind Stock Up 2.5%

NASDAQ MNKD opened at $4.06 on Friday. The company has a market cap of $1.31 billion, a PE ratio of -31.23 and a beta of 1.10. MannKind Corporation has a 52 week low of $2.23 and a 52 week high of $6.51. The firm’s 50-day simple moving average is $4.05 and its two-hundred day simple moving average is $3.54.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, hitting 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 company’s revenue was up 43.0% on a year-over-year basis. During the same quarter last year, the company earned $0.05 earnings per share. As a group, equities research analysts anticipate that MannKind Corporation will post -0.2 EPS for the current 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).