Empowered Funds LLC Invests $1.88 Million in MannKind Corporation $MNKD

Empowered Funds LLC purchased a new position in shares of MannKind Corporation (NASDAQ:MNKD) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 765,356 shares of the biopharmaceutical company’s stock, valued at approximately $1,875,000. Empowered Funds LLC owned about 0.25% of MannKind as of its most recent SEC filing.

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

Insider Buying and Selling

In other MannKind news, Director Steven B. Binder sold 16,940 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total transaction of $55,732.60. Following the sale, the director directly owned 808,008 shares in the company, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.60% of the company’s stock.

MannKind Trading Down 5.1%

MNKD stock opened at $3.89 on Friday. The firm has a 50 day moving average of $3.93 and a 200-day moving average of $3.77. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -29.92 and a beta of 1.12. MannKind Corporation has a 12-month low of $2.23 and a 12-month high of $6.51.

MannKind (NASDAQ:MNKD) last released its quarterly 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 11.08%.The firm had revenue of $90.17 million during the quarter, compared to analyst estimates of $105.38 million. During the same quarter in the prior year, the company earned $0.04 EPS. The business’s revenue was up 15.1% on a year-over-year basis. Sell-side analysts forecast that MannKind Corporation will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MNKD has been the subject of several analyst reports. Zacks Research cut MannKind from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Mizuho lowered their price objective on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Wall Street Zen raised shares of MannKind from a “sell” rating to a “hold” rating in a research note on Sunday, July 5th. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Finally, HC Wainwright restated a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.22.

About MannKind

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).