MannKind (NASDAQ:MNKD) CEO Sells $124,836.00 in Stock

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 20,806 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $6.00, for a total transaction of $124,836.00. Following the sale, the chief executive officer directly owned 2,504,792 shares of the company’s stock, valued at approximately $15,028,752. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, December 16th, Michael Castagna sold 21,310 shares of MannKind stock. The shares were sold at an average price of $6.00, for a total transaction of $127,860.00.
• On Tuesday, December 2nd, Michael Castagna sold 107,920 shares of MannKind stock. The shares were sold at an average price of $5.57, for a total value of $601,114.40.

MannKind Stock Performance

NASDAQ MNKD traded down $0.03 during trading on Tuesday, hitting $5.91. The stock had a trading volume of 2,832,014 shares, compared to its average volume of 2,701,688. MannKind Corporation has a 12 month low of $3.38 and a 12 month high of $7.07. The company’s 50-day moving average price is $5.43 and its two-hundred day moving average price is $4.73. The company has a market capitalization of $1.81 billion, a PE ratio of 59.10 and a beta of 0.82.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on MNKD shares. Wells Fargo & Company dropped their price target on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Royal Bank Of Canada cut their target price on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a research note on Tuesday, November 11th. HC Wainwright reissued a “buy” rating on shares of MannKind in a research report on Monday, November 10th. Finally, Leerink Partners started coverage on MannKind in a research report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.06.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CTC Alternative Strategies Ltd. bought a new position in MannKind in the 3rd quarter valued at about $88,000. Swiss Life Asset Management Ltd purchased a new position in shares of MannKind in the third quarter worth about $72,000. CIBC Bancorp USA Inc. bought a new stake in shares of MannKind in the third quarter valued at approximately $173,000. Jacobs Levy Equity Management Inc. raised its position in shares of MannKind by 3.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,597,677 shares of the biopharmaceutical company’s stock valued at $8,580,000 after purchasing an additional 47,787 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its stake in shares of MannKind by 21.2% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 120,501 shares of the biopharmaceutical company’s stock valued at $648,000 after buying an additional 21,086 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

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.