Healthcare of Ontario Pension Plan Trust Fund Has $1.34 Million Position in MannKind Corporation $MNKD

Healthcare of Ontario Pension Plan Trust Fund lowered its stake in shares of MannKind Corporation (NASDAQ:MNKD) by 22.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 547,086 shares of the biopharmaceutical company’s stock after selling 160,054 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in MannKind were worth $1,340,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in shares of MannKind by 6.3% in the first quarter. Renaissance Technologies LLC now owns 1,868,442 shares of the biopharmaceutical company’s stock valued at $4,578,000 after purchasing an additional 110,955 shares during the period. Sei Investments Co. boosted its holdings in shares of MannKind by 53.6% during the 1st quarter. Sei Investments Co. now owns 726,396 shares of the biopharmaceutical company’s stock worth $1,780,000 after buying an additional 253,537 shares during the period. First Trust Advisors LP boosted its holdings in shares of MannKind by 48.0% during the 1st quarter. First Trust Advisors LP now owns 869,254 shares of the biopharmaceutical company’s stock worth $2,130,000 after buying an additional 282,068 shares during the period. Dimensional Fund Advisors LP grew its stake in 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 buying an additional 509,692 shares during the last quarter. Finally, Independent Financial Group LLC acquired a new position in MannKind in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Price Performance

Shares of MannKind stock opened at $3.91 on Friday. MannKind Corporation has a 52-week low of $2.23 and a 52-week high of $6.51. The firm has a market capitalization of $1.21 billion, a PE ratio of -55.85 and a beta of 1.09. The company’s fifty day moving average price is $3.90 and its two-hundred day moving average price is $3.83.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share 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 during the quarter, compared to the consensus estimate of $105.38 million. During the same period in the previous year, the firm earned $0.04 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. Analysts predict that MannKind Corporation will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of MannKind in a research report on Wednesday, July 8th. Royal Bank Of Canada upped their price target on shares of MannKind from $3.50 to $4.75 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Wall Street Zen raised MannKind from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Mizuho dropped their price objective on MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Finally, Zacks Research cut MannKind from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, MannKind has a consensus rating of “Moderate Buy” and a consensus target price of $9.34.

Insiders Place Their Bets

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 stock was 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 in the company, valued at approximately $2,658,346.32. This represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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.

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).