Dark Forest Capital Management LP Grows Holdings in MannKind Co. (NASDAQ:MNKD)

Dark Forest Capital Management LP raised its position in MannKind Co. (NASDAQ:MNKD) by 1,551.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 275,970 shares of the biopharmaceutical company’s stock after buying an additional 259,257 shares during the period. Dark Forest Capital Management LP’s holdings in MannKind were worth $1,441,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of MNKD. TSP Capital Management Group LLC grew its holdings in shares of MannKind by 196.0% in the second quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock valued at $12,486,000 after acquiring an additional 1,583,800 shares in the last quarter. Parkman Healthcare Partners LLC increased its position in shares of MannKind by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after purchasing an additional 429,677 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of MannKind during the 2nd quarter worth $1,524,000. 180 Wealth Advisors LLC boosted its holdings in shares of MannKind by 12.6% in the 1st quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock worth $8,798,000 after buying an additional 216,880 shares during the last quarter. Finally, GSA Capital Partners LLP grew its position in MannKind by 25.0% during the first quarter. GSA Capital Partners LLP now owns 625,410 shares of the biopharmaceutical company’s stock valued at $2,833,000 after buying an additional 124,888 shares during the period. Institutional investors own 49.55% of the company’s stock.

MannKind Trading Down 1.5 %

MannKind stock opened at $6.39 on Thursday. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 213.07 and a beta of 1.32. The firm has a 50 day simple moving average of $5.80 and a 200 day simple moving average of $5.07. MannKind Co. has a 1-year low of $3.17 and a 1-year high of $6.92.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, CEO Michael Castagna sold 85,106 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the transaction, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Steven B. Binder sold 5,055 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the transaction, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael Castagna sold 85,106 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $6.30, for a total value of $536,167.80. Following the completion of the sale, the chief executive officer now directly owns 2,294,836 shares in the company, valued at approximately $14,457,466.80. The disclosure for this sale can be found here. Insiders have sold a total of 197,997 shares of company stock worth $1,245,912 over the last ninety days. Company 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.