Wellington Management Group LLP Buys 4,561,628 Shares of MannKind Corporation $MNKD

Wellington Management Group LLP raised its stake in shares of MannKind Corporation (NASDAQ:MNKD) by 138.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,844,807 shares of the biopharmaceutical company’s stock after buying an additional 4,561,628 shares during the quarter. Wellington Management Group LLP’s holdings in MannKind were worth $33,419,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Krilogy Financial LLC purchased a new stake in shares of MannKind in the first quarter worth about $28,000. Independent Financial Group LLC purchased a new position in MannKind during the first quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd increased its holdings in MannKind by 108.0% during the 4th 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 period. Waverly Advisors LLC bought a new stake in MannKind during the 1st quarter worth approximately $43,000. Finally, International Assets Investment Management LLC purchased a new stake in MannKind in the 4th quarter worth approximately $45,000. 49.55% of the stock is currently owned by institutional investors.

MannKind Price Performance

NASDAQ:MNKD opened at $4.06 on Friday. The business has a 50 day moving average of $4.05 and a 200 day moving average of $3.54. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -31.23 and a beta of 1.10. MannKind Corporation has a 1-year low of $2.23 and a 1-year high of $6.51.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $109.37 million for the quarter, compared to analysts’ expectations of $108.08 million. MannKind had a negative net margin of 11.08% and a negative return on equity of 11.21%. The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period last year, the business earned $0.05 earnings per share. As a group, sell-side analysts anticipate that MannKind Corporation will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Thursday, July 23rd. Wall Street Zen cut MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Wells Fargo & Company decreased their target price on MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, MannKind presently has a consensus rating of “Moderate Buy” and an average target price of $8.39.

Insider Activity

In other news, Director Steven Binder sold 39,051 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the completion of the sale, the director owned 785,867 shares of the company’s stock, valued at approximately $3,190,620.02. This represents a 4.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company 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).