Sei Investments Co. Acquires 253,537 Shares of MannKind Corporation $MNKD

Sei Investments Co. increased its holdings in shares of MannKind Corporation (NASDAQ:MNKD) by 53.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 726,396 shares of the biopharmaceutical company’s stock after acquiring an additional 253,537 shares during the period. Sei Investments Co.’s holdings in MannKind were worth $1,780,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Trust Advisors LP lifted its stake in MannKind by 48.0% during the first quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company’s stock worth $2,130,000 after purchasing an additional 282,068 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of MannKind by 11.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,953,295 shares of the biopharmaceutical company’s stock valued at $12,134,000 after purchasing an additional 509,692 shares during the period. Independent Financial Group LLC acquired a new position in shares of MannKind in the 1st quarter worth approximately $31,000. Principal Financial Group Inc. raised its holdings in shares of MannKind by 5.5% in the 1st quarter. Principal Financial Group Inc. now owns 352,258 shares of the biopharmaceutical company’s stock worth $863,000 after buying an additional 18,429 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its position in shares of MannKind by 22.1% during the 1st quarter. Chicago Partners Investment Group LLC now owns 42,691 shares of the biopharmaceutical company’s stock worth $105,000 after buying an additional 7,741 shares during the period. Institutional investors own 49.55% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on MNKD. Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. Royal Bank Of Canada lifted their price objective on MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a report on Thursday, May 7th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Finally, Mizuho dropped their target price on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, MannKind has an average rating of “Moderate Buy” and an average price target of $9.22.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of the company’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.60% of the stock is owned by company insiders.

MannKind Stock Performance

Shares of NASDAQ:MNKD opened at $4.11 on Monday. The stock has a market capitalization of $1.32 billion, a P/E ratio of -31.62 and a beta of 1.12. The business has a 50-day moving average price of $3.93 and a two-hundred day moving average price of $3.76. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51.

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).