Y Intercept Hong Kong Ltd Cuts Stock Holdings in MannKind Corporation $MNKD

Y Intercept Hong Kong Ltd lessened its stake in MannKind Corporation (NASDAQ:MNKD) by 76.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,133 shares of the biopharmaceutical company’s stock after selling 183,548 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in MannKind were worth $135,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings 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 purchased a new stake in MannKind during the fourth quarter valued at about $9,412,000. Vanguard Group Inc. increased its stake in MannKind by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 17,880,873 shares of the biopharmaceutical company’s stock worth $101,385,000 after acquiring an additional 250,290 shares during the last quarter. Apis Capital Advisors LLC acquired a new stake in MannKind during the fourth quarter worth about $6,805,000. Finally, Deltec Asset Management LLC raised its holdings in shares of MannKind by 34.7% in the 4th quarter. Deltec Asset Management LLC now owns 974,700 shares of the biopharmaceutical company’s stock worth $5,527,000 after purchasing an additional 251,200 shares during the period. 49.55% of the stock is owned by hedge funds and other institutional investors.

MannKind Stock Up 5.4%

NASDAQ MNKD opened at $4.09 on Thursday. MannKind Corporation has a fifty-two week low of $2.23 and a fifty-two week high of $6.51. The business has a 50 day moving average price of $3.72 and a two-hundred day moving average price of $3.97. The stock has a market cap of $1.26 billion, a PE ratio of -58.42 and a beta of 1.09.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $90.17 million for the quarter, compared to analysts’ expectations of $105.38 million. During the same quarter in the prior year, the business earned $0.04 EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. Sell-side analysts anticipate that MannKind Corporation will post -0.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MNKD. Mizuho reduced their price objective on MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Wells Fargo & Company set a $11.00 target price on shares of MannKind and gave the stock an “overweight” rating in a research report on Monday, June 1st. Royal Bank Of Canada lifted their price target on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of MannKind from a “sell” rating to a “hold” rating in a research note on Sunday, July 5th. Finally, Zacks Research lowered shares of MannKind from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and an average target price of $8.97.

Insiders Place Their Bets

In related news, Director Steven B. Binder sold 16,940 shares of MannKind 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 sale, the director owned 808,008 shares of the company’s stock, valued at $2,658,346.32. The trade was a 2.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 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).