Voya Investment Management LLC Sells 480,182 Shares of MannKind Corporation $MNKD

Voya Investment Management LLC cut its holdings in MannKind Corporation (NASDAQ:MNKD) by 89.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,871 shares of the biopharmaceutical company’s stock after selling 480,182 shares during the period. Voya Investment Management LLC’s holdings in MannKind were worth $295,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Quaker Wealth Management LLC boosted its holdings in MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 14,000 shares during the period. Farther Finance Advisors LLC boosted its stake in MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 6,896 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new stake in MannKind in the 2nd quarter valued at approximately $42,000. Master S Wealth Management Inc. bought a new position in MannKind in the 2nd quarter worth approximately $44,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of MannKind during the second quarter worth approximately $51,000. 49.55% of the stock is owned by institutional investors and hedge funds.

MannKind Stock Performance

Shares of MannKind stock opened at $5.60 on Monday. The firm has a market cap of $1.72 billion, a P/E ratio of 56.00 and a beta of 0.81. The firm’s 50-day simple moving average is $5.56 and its 200-day simple moving average is $4.89. MannKind Corporation has a twelve month low of $3.38 and a twelve month high of $6.67.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. On average, equities analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MNKD shares. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research report on Monday, November 10th. Royal Bank Of Canada decreased their target price on MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. Finally, Leerink Partners began coverage on MannKind in a research note on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.06.

Insider Activity at MannKind

In other news, CEO Michael Castagna sold 107,920 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $5.57, for a total value of $601,114.40. Following the sale, the chief executive officer owned 2,504,792 shares in the company, valued at approximately $13,951,691.44. The trade was a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sanjay R. Singh sold 18,777 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $5.03, for a total transaction of $94,448.31. Following the completion of the sale, the executive vice president directly owned 455,211 shares in the company, valued at approximately $2,289,711.33. The trade was a 3.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 234,617 shares of company stock valued at $1,343,741 in the last 90 days. 3.00% of the stock is owned by corporate insiders.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.