MannKind (NASDAQ:MNKD) CEO Michael Castagna Sells 21,310 Shares

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 21,310 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $127,860.00. Following the completion of the transaction, the chief executive officer owned 2,504,792 shares in the company, valued at approximately $15,028,752. This trade represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Michael Castagna also recently made the following trade(s):

• On Friday, December 12th, Michael Castagna sold 20,806 shares of MannKind stock. The shares were sold at an average price of $6.00, for a total transaction of $124,836.00.
• On Tuesday, December 2nd, Michael Castagna sold 107,920 shares of MannKind stock. The stock was sold at an average price of $5.57, for a total transaction of $601,114.40.

MannKind Price Performance

Shares of MannKind stock opened at $5.91 on Wednesday. MannKind Corporation has a 1 year low of $3.38 and a 1 year high of $7.07. The stock has a market cap of $1.81 billion, a PE ratio of 59.10 and a beta of 0.82. The firm has a fifty day moving average price of $5.43 and a 200 day moving average price of $4.73.

MannKind (NASDAQ:MNKD) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The company had revenue of $82.13 million for the quarter, compared to the consensus estimate of $80.47 million. MannKind had a negative return on equity of 49.33% and a net margin of 9.32%.The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the firm earned $0.04 EPS. As a group, equities analysts expect that MannKind Corporation will post 0.1 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Oppenheimer lifted their price target on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Leerink Partners assumed coverage on shares of MannKind in a report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price objective for the company. Finally, Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.06.

Hedge Funds Weigh In On MannKind

A number of large investors have recently added to or reduced their stakes in the stock. Quaker Wealth Management LLC grew its position in shares of MannKind by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 14,000 shares during the period. Farther Finance Advisors LLC lifted its stake in MannKind by 1,379.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 6,896 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. acquired a new stake in MannKind in the 2nd quarter worth about $42,000. Master S Wealth Management Inc. purchased a new stake in MannKind during the 2nd quarter worth approximately $44,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of MannKind during the second quarter valued at approximately $51,000. 49.55% of the stock is currently owned by institutional investors and hedge funds.

About MannKind

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.