Frazier Life Sciences Management L.P. Takes $23.96 Million Position in MannKind Corporation $MNKD

Frazier Life Sciences Management L.P. acquired a new stake in shares of MannKind Corporation (NASDAQ:MNKD) during the fourth quarter, Holdings Channel reports. The fund acquired 4,225,000 shares of the biopharmaceutical company’s stock, valued at approximately $23,956,000. MannKind makes up about 0.6% of Frazier Life Sciences Management L.P.’s investment portfolio, making the stock its 29th biggest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake 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 buying an additional 2,927 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of MannKind during the fourth quarter valued at about $45,000. Burkett Financial Services LLC purchased a new stake in shares of MannKind during the fourth quarter worth about $59,000. Huntington National Bank boosted its holdings in shares of MannKind by 420.0% during the fourth quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 8,400 shares during the period. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of MannKind during the fourth quarter worth about $60,000. 49.55% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction that occurred 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 completion of the transaction, the director directly owned 808,008 shares in the company, valued at approximately $2,658,346.32. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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.

Analyst Ratings Changes

A number of research firms have recently weighed in on MNKD. Wedbush dropped their target price on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Royal Bank Of Canada increased their target price on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a report on Thursday, May 7th. 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 report on Thursday, May 7th. Weiss Ratings lowered shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Finally, Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 15th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.97.

MannKind Price Performance

Shares of MNKD opened at $3.66 on Friday. MannKind Corporation has a one year low of $2.23 and a one year high of $6.51. The company has a 50-day simple moving average of $3.10 and a two-hundred day simple moving average of $4.24. The firm has a market capitalization of $1.13 billion, a PE ratio of -52.28 and a beta of 1.13.

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

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).