E Fund Management Co. Ltd. Decreases Stock Position in MannKind Co. (NASDAQ:MNKD)

E Fund Management Co. Ltd. lowered its position in shares of MannKind Co. (NASDAQ:MNKD) by 38.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,279 shares of the biopharmaceutical company’s stock after selling 13,317 shares during the period. E Fund Management Co. Ltd.’s holdings in MannKind were worth $111,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MNKD. 9258 Wealth Management LLC purchased a new stake in MannKind during the 1st quarter worth $51,000. Meeder Asset Management Inc. purchased a new stake in shares of MannKind during the second quarter worth about $55,000. Brookstone Capital Management acquired a new position in shares of MannKind in the second quarter worth about $61,000. Renaissance Technologies LLC purchased a new position in MannKind in the second quarter valued at about $67,000. Finally, EntryPoint Capital LLC grew its stake in MannKind by 60.9% during the 1st quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 9,008 shares in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Stock Performance

NASDAQ MNKD opened at $6.70 on Friday. MannKind Co. has a one year low of $3.17 and a one year high of $6.92. The company has a 50-day simple moving average of $5.72 and a 200-day simple moving average of $5.02. The firm has a market capitalization of $1.82 billion, a PE ratio of 223.33 and a beta of 1.32.

MannKind (NASDAQ:MNKD) last issued its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $72.39 million during the quarter, compared to the consensus estimate of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. MannKind’s quarterly revenue was up 48.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.02) earnings per share. Equities analysts forecast that MannKind Co. will post 0.11 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Leerink Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Oppenheimer increased their price objective on shares of MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Rodman & Renshaw initiated coverage on shares of MannKind in a report on Thursday, June 13th. They set a “buy” rating and a $8.00 price objective for the company. Finally, Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They issued an “outperform” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, MannKind has an average rating of “Buy” and a consensus price target of $8.67.

Insiders Place Their Bets

In other news, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other MannKind news, EVP Steven B. Binder sold 5,055 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total value of $30,026.70. Following the sale, the executive vice president now owns 1,075,026 shares in the company, valued at $6,385,654.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total value of $536,167.80. Following the transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The disclosure for this sale can be found here. Insiders have sold 197,997 shares of company stock valued at $1,245,912 over the last three months. Company insiders own 3.00% 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.