Nuveen Asset Management LLC Lowers Stake in MannKind Co. (NASDAQ:MNKD)

Nuveen Asset Management LLC cut its position in shares of MannKind Co. (NASDAQ:MNKD) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,247,059 shares of the biopharmaceutical company’s stock after selling 91,287 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.81% of MannKind worth $14,449,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Millennium Management LLC grew its holdings in shares of MannKind by 108.8% during the fourth quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company’s stock worth $22,167,000 after buying an additional 1,796,442 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of MannKind by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 204,486 shares of the biopharmaceutical company’s stock worth $1,316,000 after buying an additional 6,750 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of MannKind by 21.6% during the fourth quarter. Janus Henderson Group PLC now owns 127,763 shares of the biopharmaceutical company’s stock worth $822,000 after buying an additional 22,700 shares in the last quarter. Gotham Asset Management LLC grew its holdings in MannKind by 22.4% in the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company’s stock valued at $341,000 after purchasing an additional 9,717 shares during the period. Finally, Graham Capital Management L.P. purchased a new stake in MannKind in the fourth quarter valued at approximately $10,229,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MannKind

In other news, Director Steven B. Binder sold 80,144 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total transaction of $375,875.36. Following the transaction, the director now directly owns 1,006,611 shares of the company’s stock, valued at approximately $4,721,005.59. The trade was a 7.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David Thomson sold 32,179 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $4.68, for a total transaction of $150,597.72. Following the transaction, the executive vice president now directly owns 772,427 shares in the company, valued at approximately $3,614,958.36. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 126,746 shares of company stock valued at $589,958. Corporate insiders own 2.70% of the company’s stock.

MannKind Stock Down 2.4%

Shares of MNKD stock opened at $4.12 on Monday. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 58.86 and a beta of 1.14. MannKind Co. has a fifty-two week low of $4.05 and a fifty-two week high of $7.63. The firm’s 50 day moving average price is $4.75 and its two-hundred day moving average price is $5.64.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $78.35 million for the quarter, compared to analysts’ expectations of $75.86 million. MannKind had a net margin of 8.07% and a negative return on equity of 17.74%. MannKind’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 earnings per share. On average, equities analysts forecast that MannKind Co. will post 0.1 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on MNKD. Wedbush restated an “outperform” rating and issued a $11.00 target price on shares of MannKind in a report on Thursday, February 27th. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Wednesday, March 19th. Finally, Mizuho began coverage on shares of MannKind in a report on Thursday, April 10th. They issued an “outperform” rating and a $12.00 target price for the company. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $10.00.

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.