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

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 65,804 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the transaction, the chief executive officer owned 2,504,792 shares in the company, valued at approximately $15,053,799.92. This trade represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 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 shares were sold at an average price of $5.57, for a total transaction of $601,114.40.

MannKind Price Performance

Shares of MNKD opened at $5.84 on Friday. The company has a market capitalization of $1.79 billion, a P/E ratio of 58.40 and a beta of 0.82. MannKind Corporation has a one year low of $3.38 and a one year high of $7.07. The business’s 50 day simple moving average is $5.47 and its 200-day simple moving average is $4.76.

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, beating analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $82.13 million during the quarter, compared to analysts’ expectations of $80.47 million. MannKind had a negative return on equity of 49.33% and a net margin of 9.32%.The business’s revenue was up 17.1% on a year-over-year basis. During the same period last year, the firm posted $0.04 EPS. On average, sell-side analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Institutional Trading of MannKind

A number of institutional investors have recently bought and sold shares of the business. Quaker Wealth Management LLC raised its position 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 valued at $26,000 after acquiring an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of 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 purchasing an additional 6,896 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new stake in MannKind in the second quarter valued at about $42,000. Master S Wealth Management Inc. acquired a new position in MannKind in the second quarter valued at about $44,000. Finally, Swiss Life Asset Management Ltd bought a new position in MannKind during the third quarter worth about $72,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Oppenheimer increased their price objective on shares of MannKind from $12.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, September 5th. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Leerink Partners began coverage on shares of MannKind in a report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price target for the company. Royal Bank Of Canada decreased their price objective on MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.06.

About MannKind

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.