MannKind (NASDAQ:MNKD) CEO Purchases $259,000.00 in Stock

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna bought 100,000 shares of MannKind stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average price of $2.59 per share, with a total value of $259,000.00. Following the completion of the purchase, the chief executive officer owned 2,575,911 shares in the company, valued at $6,671,609.49. This trade represents a 4.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Wednesday, December 17th, Michael Castagna sold 65,804 shares of MannKind stock. The shares were sold at an average price of $6.01, for a total transaction of $395,482.04.
• On Friday, December 12th, Michael Castagna sold 20,806 shares of MannKind stock. The stock was sold at an average price of $6.00, for a total value of $124,836.00.
• On Tuesday, December 16th, Michael Castagna sold 21,310 shares of MannKind stock. The stock was sold at an average price of $6.00, for a total value of $127,860.00.

MannKind Stock Performance

MNKD traded down $0.07 during mid-day trading on Tuesday, reaching $2.61. 4,833,877 shares of the stock were exchanged, compared to its average volume of 7,201,455. The company has a 50 day moving average price of $5.13 and a two-hundred day moving average price of $5.32. The stock has a market capitalization of $804.14 million, a PE ratio of 130.57 and a beta of 0.83. MannKind Corporation has a 1 year low of $2.52 and a 1 year high of $6.51.

MannKind (NASDAQ:MNKD) last released its earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. During the same period in the prior year, the company earned $0.03 earnings per share. The business’s revenue was up 45.8% on a year-over-year basis. Sell-side analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV purchased a new stake in MannKind in the 4th quarter worth $70,000. Voloridge Investment Management LLC boosted its stake in shares of MannKind by 50.8% during the fourth quarter. Voloridge Investment Management LLC now owns 1,861,046 shares of the biopharmaceutical company’s stock valued at $10,552,000 after purchasing an additional 626,878 shares during the period. Tudor Investment Corp ET AL bought a new position in shares of MannKind in the fourth quarter worth about $182,000. Polymer Capital Management US LLC bought a new position in MannKind in the 4th quarter worth about $168,000. Finally, Man Group plc increased its holdings in MannKind by 80.9% during the 4th quarter. Man Group plc now owns 178,494 shares of the biopharmaceutical company’s stock worth $1,012,000 after purchasing an additional 79,843 shares during the period. Institutional investors own 49.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a research note on Friday, February 27th. Leerink Partners initiated coverage on MannKind in a research note on Thursday, November 13th. They issued an “outperform” rating and a $7.00 target price for the company. Zacks Research downgraded MannKind from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Truist Financial set a $9.00 price target on MannKind in a research note on Monday, November 24th. Finally, Weiss Ratings downgraded shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MannKind presently has an average rating of “Moderate Buy” and a consensus target price of $9.06.

MannKind Company Profile

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.