Rubric Capital Management LP Has $8.87 Million Stake in MannKind Corporation $MNKD

Rubric Capital Management LP reduced its stake in shares of MannKind Corporation (NASDAQ:MNKD) by 51.6% in the first quarter, HoldingsChannel.com reports. The firm owned 3,620,413 shares of the biopharmaceutical company’s stock after selling 3,856,082 shares during the period. Rubric Capital Management LP’s holdings in MannKind were worth $8,870,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Krilogy Financial LLC purchased a new position in shares of MannKind during the first quarter valued at approximately $28,000. Independent Financial Group LLC purchased a new stake in MannKind in the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its position in MannKind by 108.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,636 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 2,927 shares during the last quarter. Waverly Advisors LLC bought a new position in MannKind during the 1st quarter valued at $43,000. Finally, International Assets Investment Management LLC purchased a new position in MannKind during the 4th quarter worth $45,000. 49.55% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MannKind

In other MannKind news, Director Steven B. Binder sold 16,940 shares of MannKind stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $3.29, for a total value of $55,732.60. Following the sale, the director owned 808,008 shares of the company’s stock, valued at approximately $2,658,346.32. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of MannKind from a “sell” rating to a “hold” rating in a research note on Sunday, July 5th. Mizuho cut their price target on shares of MannKind from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Thursday, May 7th. Weiss Ratings restated a “sell (d)” rating on shares of MannKind in a report on Wednesday, July 8th. Wells Fargo & Company set a $11.00 price objective on shares of MannKind and gave the company an “overweight” rating in a research note on Monday, June 1st. Finally, HC Wainwright reissued a “buy” rating on shares of MannKind in a research report on Thursday. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.97.

MannKind Price Performance

Shares of MannKind stock opened at $3.95 on Tuesday. MannKind Corporation has a 1 year low of $2.23 and a 1 year high of $6.51. The firm has a market cap of $1.22 billion, a PE ratio of -56.42 and a beta of 1.09. The stock has a fifty day moving average price of $3.84 and a 200-day moving average price of $3.87.

MannKind (NASDAQ:MNKD) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The company had revenue of $90.17 million during the quarter, compared to analysts’ expectations of $105.38 million. MannKind had a negative return on equity of 11.21% and a negative net margin of 6.63%.MannKind’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the firm posted $0.04 earnings per share. As a group, equities analysts anticipate that MannKind Corporation will post -0.06 EPS for the current fiscal year.

MannKind Company 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. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).