Connor Clark & Lunn Investment Management Ltd. Has $8.93 Million Stock Holdings in MannKind Corporation (NASDAQ:MNKD)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in MannKind Corporation (NASDAQ:MNKD) by 6.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,774,944 shares of the biopharmaceutical company’s stock after selling 126,836 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in MannKind were worth $8,928,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Gotham Asset Management LLC lifted its stake in MannKind by 22.4% in the fourth quarter. Gotham Asset Management LLC now owns 53,066 shares of the biopharmaceutical company’s stock valued at $341,000 after acquiring an additional 9,717 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of MannKind in the fourth quarter valued at approximately $10,229,000. Man Group plc raised its position in shares of MannKind by 61.4% in the fourth quarter. Man Group plc now owns 578,310 shares of the biopharmaceutical company’s stock valued at $3,719,000 after purchasing an additional 219,891 shares during the period. SG Americas Securities LLC raised its position in shares of MannKind by 223.2% in the first quarter. SG Americas Securities LLC now owns 91,523 shares of the biopharmaceutical company’s stock valued at $460,000 after purchasing an additional 63,209 shares during the period. Finally, Barclays PLC raised its position in shares of MannKind by 6.2% in the fourth quarter. Barclays PLC now owns 552,143 shares of the biopharmaceutical company’s stock valued at $3,550,000 after purchasing an additional 32,278 shares during the period. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. HC Wainwright raised shares of MannKind to a “buy” rating and set a $9.00 price target on the stock in a research report on Wednesday, July 16th. Finally, Royal Bank Of Canada dropped their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MannKind presently has a consensus rating of “Buy” and a consensus target price of $9.71.

MannKind Trading Down 2.9%

Shares of MNKD stock opened at $3.42 on Tuesday. MannKind Corporation has a 1 year low of $3.38 and a 1 year high of $7.63. The firm’s fifty day simple moving average is $3.85 and its 200 day simple moving average is $4.60. The firm has a market capitalization of $1.05 billion, a P/E ratio of 31.07 and a beta of 1.02.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. MannKind had a net margin of 10.87% and a negative return on equity of 32.60%. The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.82 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. MannKind’s revenue was up 5.7% compared to the same quarter last year. Equities research analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Insider Transactions at MannKind

In related news, Director Steven B. Binder sold 75,367 shares of the business’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total transaction of $296,945.98. Following the transaction, the director owned 830,508 shares of the company’s stock, valued at approximately $3,272,201.52. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 153,875 shares of company stock worth $616,771 over the last 90 days. 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.