Allianz Asset Management GmbH Purchases 12,700 Shares of MannKind Corporation (NASDAQ:MNKD)

Allianz Asset Management GmbH lifted its holdings in MannKind Corporation (NASDAQ:MNKD) by 17.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 85,300 shares of the biopharmaceutical company’s stock after purchasing an additional 12,700 shares during the period. Allianz Asset Management GmbH’s holdings in MannKind were worth $429,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MNKD. Victory Capital Management Inc. lifted its position in MannKind by 62.8% during the first quarter. Victory Capital Management Inc. now owns 357,200 shares of the biopharmaceutical company’s stock valued at $1,797,000 after purchasing an additional 137,833 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of MannKind by 4.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,895 shares of the biopharmaceutical company’s stock valued at $306,000 after buying an additional 2,420 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of MannKind by 8.6% during the 1st quarter. Principal Financial Group Inc. now owns 200,445 shares of the biopharmaceutical company’s stock valued at $1,008,000 after buying an additional 15,870 shares in the last quarter. KBC Group NV bought a new position in shares of MannKind during the 1st quarter valued at approximately $72,000. Finally, Palumbo Wealth Management LLC increased its holdings in MannKind by 29.0% in the 1st quarter. Palumbo Wealth Management LLC now owns 97,517 shares of the biopharmaceutical company’s stock worth $491,000 after acquiring an additional 21,899 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Insider Activity at MannKind

In related 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 value of $375,875.36. Following the sale, the director owned 1,006,611 shares in the company, valued at approximately $4,721,005.59. The trade was a 7.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 sale, the executive vice president directly owned 772,427 shares in the company, valued at approximately $3,614,958.36. The trade was a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 266,198 shares of company stock valued at $1,143,244 in the last 90 days. 2.70% of the stock is currently owned by company insiders.

MannKind Stock Performance

MNKD stock opened at $3.75 on Friday. The company’s fifty day moving average price is $3.91 and its 200-day moving average price is $4.71. MannKind Corporation has a one year low of $3.51 and a one year high of $7.63. The company has a market capitalization of $1.14 billion, a PE ratio of 37.50 and a beta of 1.02.

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

Wall Street Analyst Weigh In

MNKD has been the topic of several analyst reports. Wall Street Zen downgraded shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday. HC Wainwright upgraded shares of MannKind to a “buy” rating and set a $9.00 price objective on the stock in a research report on Wednesday, July 16th. 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. Finally, Royal Bank Of Canada cut their price target on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $9.86.

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.