Empowered Funds LLC Makes New Investment in MannKind Corporation $MNKD

Empowered Funds LLC purchased a new stake in MannKind Corporation (NASDAQ:MNKD) during the 1st quarter, Holdings Channel reports. The fund purchased 765,356 shares of the biopharmaceutical company’s stock, valued at approximately $1,875,000.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC raised its position in shares of MannKind by 19.8% during the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 9,160 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MannKind by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock valued at $1,059,000 after buying an additional 6,079 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in MannKind by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock worth $3,374,000 after buying an additional 53,202 shares in the last quarter. JPMorgan Chase & Co. increased its position in MannKind by 42.7% during the second quarter. JPMorgan Chase & Co. now owns 1,352,017 shares of the biopharmaceutical company’s stock worth $5,057,000 after buying an additional 404,842 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in MannKind by 84.8% during the second quarter. Prudential Financial Inc. now owns 37,381 shares of the biopharmaceutical company’s stock worth $140,000 after buying an additional 17,150 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

MannKind Trading Down 5.1%

NASDAQ MNKD opened at $3.89 on Friday. The business’s 50-day moving average price is $3.93 and its 200 day moving average price is $3.77. MannKind Corporation has a twelve month low of $2.23 and a twelve month high of $6.51. The company has a market capitalization of $1.20 billion, a PE ratio of -29.92 and a beta of 1.12.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The business had revenue of $90.17 million during the quarter, compared to analysts’ expectations of $105.38 million. During the same quarter last year, the firm earned $0.04 EPS. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities analysts predict that MannKind Corporation will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a research note on Wednesday, July 8th. Wells Fargo & Company cut their target price on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday. Zacks Research lowered shares of MannKind from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Royal Bank Of Canada raised their price target on shares of MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research note on Thursday, May 7th. Finally, Mizuho lowered their price target 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. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $9.22.

Insider Activity

In related news, Director Steven B. Binder sold 16,940 shares of the firm’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 sale, the director directly owned 808,008 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.60% of the company’s stock.

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).