MannKind (NASDAQ:MNKD) CEO Michael Castagna Sells 107,920 Shares

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 107,920 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $5.57, for a total value of $601,114.40. Following the transaction, the chief executive officer owned 2,504,792 shares of the company’s stock, valued at $13,951,691.44. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

MannKind Price Performance

Shares of MNKD stock opened at $5.67 on Friday. The stock has a market capitalization of $1.74 billion, a PE ratio of 56.65 and a beta of 0.82. The business’s 50 day simple moving average is $5.38 and its 200 day simple moving average is $4.63. MannKind Corporation has a one year low of $3.38 and a one year high of $7.07.

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

Wall Street Analyst Weigh In

MNKD has been the subject of a number of recent research reports. Leerink Partners began coverage on shares of MannKind in a research note on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target for the company. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Truist Financial set a $9.00 price target on shares of MannKind in a research report on Monday, November 24th. Finally, Royal Bank Of Canada decreased their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.06.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Quaker Wealth Management LLC increased its position in shares of MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 14,000 shares during the period. Farther Finance Advisors LLC boosted its position in MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 6,896 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of MannKind during the 2nd quarter worth approximately $42,000. Master S Wealth Management Inc. purchased a new position in shares of MannKind during the 2nd quarter worth approximately $44,000. Finally, Swiss Life Asset Management Ltd bought a new position in shares of MannKind in the 3rd quarter worth approximately $72,000. 49.55% of the stock is owned by institutional investors.

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.