Avoro Capital Advisors LLC Reduces Holdings in MannKind Co. (NASDAQ:MNKD)

Avoro Capital Advisors LLC lowered its position in MannKind Co. (NASDAQ:MNKD) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,759,524 shares of the biopharmaceutical company’s stock after selling 240,476 shares during the quarter. MannKind accounts for approximately 0.6% of Avoro Capital Advisors LLC’s holdings, making the stock its 27th biggest holding. Avoro Capital Advisors LLC’s holdings in MannKind were worth $45,725,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Meeder Asset Management Inc. acquired a new position in MannKind in the second quarter worth $55,000. 9258 Wealth Management LLC acquired a new stake in shares of MannKind during the 1st quarter worth approximately $51,000. Brookstone Capital Management acquired a new position in MannKind during the 2nd quarter valued at approximately $61,000. Renaissance Technologies LLC acquired a new stake in MannKind in the second quarter worth $67,000. Finally, EntryPoint Capital LLC grew its position in shares of MannKind by 60.9% during the first quarter. EntryPoint Capital LLC now owns 23,809 shares of the biopharmaceutical company’s stock worth $108,000 after acquiring an additional 9,008 shares during the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of recent analyst reports. Leerink Partners initiated coverage on MannKind in a report on Monday, September 9th. They set an “outperform” rating and a $8.00 price target on the stock. Oppenheimer increased their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Rodman & Renshaw initiated coverage on shares of MannKind in a report on Thursday, June 13th. They issued a “buy” rating and a $8.00 price objective for the company. Finally, Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.67.

MannKind Price Performance

MannKind stock opened at $6.60 on Monday. The company has a market cap of $1.80 billion, a P/E ratio of 220.00 and a beta of 1.32. MannKind Co. has a fifty-two week low of $3.17 and a fifty-two week high of $6.92. The firm’s 50 day simple moving average is $5.76 and its 200-day simple moving average is $5.05.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.01 by $0.04. The business had revenue of $72.39 million during the quarter, compared to analysts’ expectations of $64.81 million. MannKind had a negative return on equity of 11.97% and a net margin of 4.73%. The firm’s quarterly revenue was up 48.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.02) EPS. On average, analysts expect that MannKind Co. will post 0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Stuart A. Tross sold 25,000 shares of MannKind stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.26, for a total value of $156,500.00. Following the completion of the sale, the insider now owns 1,022,191 shares of the company’s stock, valued at approximately $6,398,915.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Stuart A. Tross sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.26, for a total value of $156,500.00. Following the transaction, the insider now directly owns 1,022,191 shares of the company’s stock, valued at approximately $6,398,915.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven B. Binder sold 5,055 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $5.94, for a total value of $30,026.70. Following the sale, the executive vice president now directly owns 1,075,026 shares of the company’s stock, valued at approximately $6,385,654.44. The disclosure for this sale can be found here. Insiders sold 197,997 shares of company stock valued at $1,245,912 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

MannKind 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.