Michael Castagna Sells 65,804 Shares of MannKind (NASDAQ:MNKD) Stock

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total value of $395,482.04. Following the completion of the transaction, the chief executive officer owned 2,504,792 shares in the company, valued at $15,053,799.92. The trade was a 2.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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 16th, Michael Castagna sold 21,310 shares of MannKind stock. The stock was 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 stock was sold at an average price of $5.57, for a total transaction of $601,114.40.

MannKind Trading Down 2.2%

MNKD stock traded down $0.13 during mid-day trading on Friday, reaching $5.84. The company’s stock had a trading volume of 13,026,537 shares, compared to its average volume of 2,736,288. The company’s 50 day moving average is $5.47 and its two-hundred day moving average is $4.76. MannKind Corporation has a fifty-two week low of $3.38 and a fifty-two week high of $7.07. The stock has a market cap of $1.79 billion, a PE ratio of 58.40 and a beta of 0.82.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. MannKind had a negative return on equity of 49.33% and a net margin of 9.32%.The business had revenue of $82.13 million during the quarter, compared to analyst estimates of $80.47 million. During the same period in the prior year, the business earned $0.04 earnings per share. The business’s revenue was up 17.1% compared to the same quarter last year. On average, analysts forecast that MannKind Corporation will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MNKD. Rubric Capital Management LP purchased a new position in MannKind in the third quarter valued at $61,297,000. Nuveen LLC purchased a new stake in MannKind during the first quarter worth approximately $17,011,000. UBS Group AG boosted its holdings in MannKind by 146.7% in the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares in the last quarter. Wellington Management Group LLP increased its stake in MannKind by 316.2% in the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock valued at $18,622,000 after purchasing an additional 2,634,533 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of MannKind by 68.9% during the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after buying an additional 2,375,198 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Analysts Set New Price Targets

MNKD has been the subject of a number of analyst reports. Wall Street Zen raised shares of MannKind from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Oppenheimer lifted their price target on shares of MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. Finally, HC Wainwright reiterated a “buy” rating on shares of MannKind in a research report on Monday, November 10th. One investment 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.com, MannKind presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.06.

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.