Apis Capital Advisors LLC Invests $6.81 Million in MannKind Corporation $MNKD

Apis Capital Advisors LLC bought a new stake in MannKind Corporation (NASDAQ:MNKD) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,200,100 shares of the biopharmaceutical company’s stock, valued at approximately $6,805,000. MannKind makes up approximately 1.2% of Apis Capital Advisors LLC’s portfolio, making the stock its 25th biggest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its position 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 worth $32,000 after acquiring an additional 2,927 shares during the last quarter. International Assets Investment Management LLC purchased a new position in MannKind in the 4th quarter valued at $45,000. Huntington National Bank grew its position in MannKind by 420.0% in the 4th quarter. Huntington National Bank now owns 10,400 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 8,400 shares during the last quarter. Burkett Financial Services LLC acquired a new stake in MannKind in the fourth quarter valued at $59,000. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of MannKind during the 4th quarter worth $60,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MannKind

In related news, Director Steven B. Binder sold 16,940 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $3.29, for a total value of $55,732.60. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Mizuho cut their price target on MannKind from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. Weiss Ratings cut MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Wedbush lowered their price target on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Wells Fargo & Company set a $11.00 target price on MannKind and gave the stock an “overweight” rating in a report on Monday, June 1st. Finally, Royal Bank Of Canada boosted their price target on MannKind from $3.50 to $4.75 and gave the stock a “sector perform” rating in a research report on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.97.

MannKind Trading Up 1.3%

MNKD stock opened at $3.92 on Thursday. The firm has a market cap of $1.21 billion, a P/E ratio of -55.99 and a beta of 1.13. MannKind Corporation has a 12-month low of $2.23 and a 12-month high of $6.51. The stock’s 50 day simple moving average is $3.19 and its 200 day simple moving average is $4.20.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) 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 business had revenue of $90.17 million for the quarter, compared to analyst estimates of $105.38 million. During the same period last 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. On average, research analysts forecast that MannKind Corporation will post -0.06 EPS for the current fiscal year.

MannKind Company 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).