Teacher Retirement System of Texas Has $373,000 Holdings in MannKind Corporation (NASDAQ:MNKD)

Teacher Retirement System of Texas reduced its stake in MannKind Corporation (NASDAQ:MNKD) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,220 shares of the biopharmaceutical company’s stock after selling 7,323 shares during the period. Teacher Retirement System of Texas’ holdings in MannKind were worth $373,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new position in shares of MannKind during the fourth quarter worth $37,000. Sowell Financial Services LLC acquired a new position in MannKind during the 1st quarter valued at about $56,000. Kovitz Investment Group Partners LLC acquired a new position in MannKind during the 4th quarter valued at about $65,000. Proficio Capital Partners LLC bought a new position in shares of MannKind during the 4th quarter worth approximately $70,000. Finally, Waverly Advisors LLC bought a new stake in shares of MannKind in the 4th quarter worth approximately $72,000. 49.55% of the stock is currently owned by institutional investors.

MannKind Price Performance

Shares of MNKD opened at $3.90 on Friday. MannKind Corporation has a 1-year low of $3.51 and a 1-year high of $7.63. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 39.00 and a beta of 0.96. The company has a 50-day moving average of $4.03 and a 200 day moving average of $4.90.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. The company had revenue of $78.35 million for the quarter, compared to the consensus estimate of $75.86 million. MannKind had a net margin of 10.12% and a negative return on equity of 32.41%. MannKind’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, equities analysts anticipate that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at MannKind

In other news, EVP David Thomson sold 32,179 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total transaction of $150,597.72. Following the completion of the sale, the executive vice president owned 772,427 shares of the company’s stock, valued at $3,614,958.36. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven B. Binder sold 80,144 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $4.69, for a total transaction of $375,875.36. Following the completion of the sale, the director directly owned 1,006,611 shares of the company’s stock, valued at $4,721,005.59. This represents a 7.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 266,198 shares of company stock valued at $1,143,244. Company insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MNKD. Mizuho initiated coverage on shares of MannKind in a research report on Thursday, April 10th. They set an “outperform” rating and a $12.00 price target for the company. HC Wainwright upgraded shares of MannKind to a “buy” rating and set a $9.00 price target on the stock in a research report on Wednesday. Finally, Wall Street Zen cut shares of MannKind from a “buy” rating to a “hold” rating in a report on Friday, June 27th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, MannKind currently has an average rating of “Buy” and an average target price of $10.14.

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.