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

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 21,310 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $6.00, for a total value of $127,860.00. Following the completion of the sale, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at approximately $15,028,752. This represents a 0.84% decrease in their position. The sale was disclosed in a legal 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 stock was 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 shares were sold at an average price of $5.57, for a total value of $601,114.40.

MannKind Stock Up 1.0%

Shares of NASDAQ MNKD opened at $5.97 on Thursday. The firm has a 50-day moving average price of $5.44 and a 200 day moving average price of $4.74. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 59.70 and a beta of 0.82. MannKind Corporation has a 52 week low of $3.38 and a 52 week high of $7.07.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $80.47 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The company’s revenue was up 17.1% compared to the same quarter last year. Equities research analysts expect that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MNKD. Oppenheimer upped their price objective on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. Wells Fargo & Company reduced 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. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. HC Wainwright reissued a “buy” rating on shares of MannKind in a report on Monday, November 10th. Finally, Leerink Partners started coverage on shares of MannKind in a research note on Thursday, November 13th. They set an “outperform” rating and a $7.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.06.

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.