Avoro Capital Advisors LLC Lowers Position in MannKind Corporation $MNKD

Avoro Capital Advisors LLC trimmed its holdings in shares of MannKind Corporation (NASDAQ:MNKD) by 23.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,468,877 shares of the biopharmaceutical company’s stock after selling 1,381,123 shares during the quarter. MannKind accounts for approximately 0.3% of Avoro Capital Advisors LLC’s portfolio, making the stock its 26th biggest position. Avoro Capital Advisors LLC owned about 1.46% of MannKind worth $23,998,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Level Four Advisory Services LLC increased its holdings in MannKind by 12.5% in the 3rd quarter. Level Four Advisory Services LLC now owns 17,333 shares of the biopharmaceutical company’s stock valued at $93,000 after purchasing an additional 1,925 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of MannKind by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 162,217 shares of the biopharmaceutical company’s stock valued at $871,000 after buying an additional 2,201 shares during the period. Ameritas Investment Partners Inc. lifted its stake in MannKind by 9.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 30,913 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 2,739 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in MannKind by 9.2% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 63,266 shares of the biopharmaceutical company’s stock valued at $237,000 after acquiring an additional 5,338 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MannKind by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock worth $1,059,000 after purchasing an additional 6,079 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on MNKD. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $3.50 price objective (down from $7.50) on shares of MannKind in a research note on Friday, February 27th. Wall Street Zen lowered MannKind from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Truist Financial set a $9.00 target price on MannKind in a research report on Monday, November 24th. Wedbush decreased their target price on MannKind from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of MannKind in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and an average price target of $9.06.

Insider Buying and Selling at MannKind

In other MannKind news, insider Stuart A. Tross sold 47,006 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total value of $297,547.98. Following the sale, the insider owned 985,007 shares of the company’s stock, valued at approximately $6,235,094.31. This represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Castagna purchased 100,000 shares of the stock in a transaction dated Tuesday, March 10th. The stock was acquired at an average price of $2.59 per share, for a total transaction of $259,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,575,911 shares of the company’s stock, valued at approximately $6,671,609.49. The trade was a 4.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 134,120 shares of company stock worth $820,890 in the last three months. 2.70% of the stock is owned by corporate insiders.

MannKind Trading Down 1.8%

NASDAQ MNKD opened at $2.77 on Friday. The business’s 50 day moving average is $4.96 and its two-hundred day moving average is $5.28. MannKind Corporation has a 12-month low of $2.52 and a 12-month high of $6.51. The stock has a market capitalization of $853.44 million, a price-to-earnings ratio of 138.57 and a beta of 0.83.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The business had revenue of $111.96 million during the quarter, compared to analyst estimates of $99.85 million. MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. MannKind’s revenue was up 45.8% compared to the same quarter last year. During the same period last year, the business posted $0.03 EPS. Equities analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

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.