Mackenzie Financial Corp Has $592,000 Stock Position in MannKind Corporation (NASDAQ:MNKD)

Mackenzie Financial Corp boosted its holdings in shares of MannKind Corporation (NASDAQ:MNKD) by 46.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,638 shares of the biopharmaceutical company’s stock after buying an additional 37,420 shares during the quarter. Mackenzie Financial Corp’s holdings in MannKind were worth $592,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Millennium Management LLC lifted its position in MannKind by 108.8% during the 4th quarter. Millennium Management LLC now owns 3,447,392 shares of the biopharmaceutical company’s stock worth $22,167,000 after acquiring an additional 1,796,442 shares during the last quarter. Graham Capital Management L.P. bought a new position in MannKind during the fourth quarter worth $10,229,000. Dimensional Fund Advisors LP raised its stake in MannKind by 40.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,958,219 shares of the biopharmaceutical company’s stock valued at $19,022,000 after purchasing an additional 855,261 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in MannKind by 23.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company’s stock valued at $27,450,000 after purchasing an additional 798,469 shares during the period. Finally, First Trust Advisors LP bought a new stake in MannKind in the 4th quarter valued at $4,998,000. 49.55% of the stock is owned by institutional investors.

MannKind Stock Down 13.3%

Shares of MNKD opened at $3.46 on Thursday. The company has a 50-day moving average price of $3.89 and a two-hundred day moving average price of $4.67. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 34.60 and a beta of 1.02. MannKind Corporation has a 12 month low of $3.45 and a 12 month high of $7.63.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.41% and a net margin of 10.12%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.82 million. During the same quarter last year, the company earned $0.05 EPS. MannKind’s revenue was up 5.7% on a year-over-year basis. Equities research analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Activity

In other news, EVP David Thomson sold 32,179 shares of MannKind stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $4.68, for a total value of $150,597.72. Following the completion of the transaction, the executive vice president owned 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven B. Binder sold 80,144 shares of the firm’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 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 ownership of the stock. 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 over the last three months. 2.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MNKD has been the topic of several research reports. HC Wainwright upgraded shares of MannKind to a “buy” rating and set a $9.00 price objective on the stock in a report on Wednesday, July 16th. Royal Bank Of Canada decreased their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 23rd. Wall Street Zen cut MannKind from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Mizuho began coverage on MannKind in a report on Thursday, April 10th. They set an “outperform” rating and a $12.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, MannKind currently has a consensus rating of “Buy” and a consensus target price of $9.86.

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.