Avoro Capital Advisors LLC Reduces Stock Position in MannKind Co. (NASDAQ:MNKD)

Avoro Capital Advisors LLC reduced its stake in shares of MannKind Co. (NASDAQ:MNKD) by 2.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,759,524 shares of the biopharmaceutical company’s stock after selling 240,476 shares during the quarter. MannKind comprises approximately 0.6% of Avoro Capital Advisors LLC’s portfolio, making the stock its 27th largest holding. Avoro Capital Advisors LLC owned about 3.22% of MannKind worth $45,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of MNKD. Parkman Healthcare Partners LLC increased its position in shares of MannKind by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after purchasing an additional 429,677 shares in the last quarter. TSP Capital Management Group LLC grew its stake in MannKind by 196.0% during the 2nd quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after buying an additional 1,583,800 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in MannKind by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,066,844 shares of the biopharmaceutical company’s stock worth $7,523,000 after buying an additional 30,433 shares during the period. 180 Wealth Advisors LLC grew its position in shares of MannKind by 4.7% during the second quarter. 180 Wealth Advisors LLC now owns 2,034,134 shares of the biopharmaceutical company’s stock worth $11,411,000 after acquiring an additional 91,924 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of MannKind by 14.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after acquiring an additional 115,390 shares during the period. 49.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MannKind

In related news, insider Stuart A. Tross sold 25,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total value of $156,500.00. Following the sale, the insider now directly owns 1,022,191 shares in the company, valued at approximately $6,398,915.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Castagna sold 85,106 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 2,294,836 shares in the company, valued at $14,457,466.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the sale, the insider now directly owns 1,022,191 shares in the company, valued at $6,398,915.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 197,997 shares of company stock valued at $1,245,912. Insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

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

MannKind Stock Down 1.5 %

NASDAQ:MNKD opened at $6.60 on Monday. The firm’s fifty day simple moving average is $5.76 and its 200-day simple moving average is $5.05. The stock has a market cap of $1.80 billion, a PE ratio of 220.00 and a beta of 1.32. MannKind Co. has a fifty-two week low of $3.17 and a fifty-two week high of $6.92.

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