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

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 21,310 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $127,860.00. Following the transaction, the chief executive officer owned 2,504,792 shares in the company, valued at approximately $15,028,752. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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 transaction of $601,114.40.

MannKind Stock Performance

MNKD stock traded down $0.03 during midday trading on Tuesday, hitting $5.91. 2,832,014 shares of the company’s stock were exchanged, compared to its average volume of 2,701,688. The stock’s fifty day moving average price is $5.43 and its 200-day moving average price is $4.73. MannKind Corporation has a one year low of $3.38 and a one year high of $7.07. The company has a market cap of $1.81 billion, a PE ratio of 59.10 and a beta of 0.82.

MannKind (NASDAQ:MNKD) last announced its 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. The firm had revenue of $82.13 million during the quarter, compared to analyst estimates of $80.47 million. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.04 EPS. On average, analysts expect that MannKind Corporation will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MNKD. Vanguard Group Inc. grew its position in MannKind by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock worth $87,131,000 after acquiring an additional 1,263,622 shares during the last quarter. Rubric Capital Management LP bought a new stake in shares of MannKind during the third quarter worth about $61,297,000. Geode Capital Management LLC increased its stake in shares of MannKind by 12.3% in the second quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after buying an additional 831,478 shares during the period. Millennium Management LLC boosted its position in 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 period. Finally, UBS Group AG grew its holdings in MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after acquiring an additional 3,088,820 shares during the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analyst Weigh In

MNKD has been the subject of several recent analyst reports. Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. 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. Royal Bank Of Canada decreased their price objective on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a research report on Tuesday, November 11th. HC Wainwright restated a “buy” rating on shares of MannKind in a research note on Monday, November 10th. Finally, Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One equities 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’s stock. Based on data from MarketBeat.com, MannKind currently has a consensus rating of “Moderate Buy” and an average price target of $10.06.

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.