Citigroup Inc. Lowers Position in MannKind Co. (NASDAQ:MNKD)

Citigroup Inc. cut its holdings in MannKind Co. (NASDAQ:MNKD) by 3.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,006,888 shares of the biopharmaceutical company’s stock after selling 37,342 shares during the quarter. Citigroup Inc. owned approximately 0.40% of MannKind worth $5,488,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Palisade Capital Management LLC NJ purchased a new stake in MannKind in the first quarter worth about $51,000. XTX Topco Ltd bought a new position in MannKind in the first quarter worth about $53,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in MannKind in the first quarter worth about $67,000. O Shaughnessy Asset Management LLC raised its holdings in MannKind by 93.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 21,223 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 10,247 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its holdings in MannKind by 33.7% in the first quarter. Kestra Private Wealth Services LLC now owns 24,060 shares of the biopharmaceutical company’s stock worth $94,000 after purchasing an additional 6,060 shares in the last quarter. 43.64% of the stock is owned by institutional investors.

A number of brokerages have commented on MNKD. Zacks Investment Research downgraded shares of MannKind from a “hold” rating to a “sell” rating in a report on Tuesday, August 17th. HC Wainwright reiterated a “buy” rating and issued a $6.00 target price on shares of MannKind in a report on Monday, August 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, MannKind has an average rating of “Buy” and an average price target of $5.50.

MNKD opened at $4.68 on Friday. MannKind Co. has a 52-week low of $1.78 and a 52-week high of $6.25. The company has a market cap of $1.17 billion, a P/E ratio of -13.37 and a beta of 1.97. The firm’s 50-day moving average price is $4.43 and its 200-day moving average price is $4.34.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Tuesday, August 10th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). The firm had revenue of $23.28 million for the quarter, compared to analysts’ expectations of $17.76 million. During the same quarter in the prior year, the business posted ($0.05) EPS. On average, research analysts expect that MannKind Co. will post -0.21 EPS for the current fiscal year.

About MannKind

MannKind Corp. operates as a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Westlake Village, CA.

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Institutional Ownership by Quarter for MannKind (NASDAQ:MNKD)

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