Michael Castagna Buys 100,000 Shares of MannKind (NASDAQ:MNKD) Stock

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna purchased 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $2.59 per share, with a total value of $259,000.00. Following the completion of the acquisition, the chief executive officer owned 2,575,911 shares in the company, valued at $6,671,609.49. The trade was a 4.04% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Michael Castagna also recently made the following trade(s):

• On Wednesday, December 17th, Michael Castagna sold 65,804 shares of MannKind stock. The shares were sold at an average price of $6.01, for a total value of $395,482.04.
• 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 value of $124,836.00.
• On Tuesday, December 16th, Michael Castagna sold 21,310 shares of MannKind stock. The shares were sold at an average price of $6.00, for a total transaction of $127,860.00.

MannKind Stock Performance

MNKD stock opened at $2.82 on Thursday. MannKind Corporation has a 52 week low of $2.52 and a 52 week high of $6.51. The company has a market capitalization of $868.84 million, a PE ratio of 141.07 and a beta of 0.83. The company’s 50-day simple moving average is $5.07 and its 200 day simple moving average is $5.30.

MannKind (NASDAQ:MNKD) last posted its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. The business had revenue of $111.96 million during the quarter, compared to the consensus estimate of $99.85 million. During the same period in the prior year, the firm earned $0.03 EPS. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts forecast that MannKind Corporation will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC grew its holdings in shares of MannKind by 19.8% during the 1st quarter. AQR Capital Management LLC now owns 55,333 shares of the biopharmaceutical company’s stock valued at $278,000 after purchasing an additional 9,160 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MannKind by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 210,565 shares of the biopharmaceutical company’s stock valued at $1,059,000 after purchasing an additional 6,079 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in MannKind by 8.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 670,872 shares of the biopharmaceutical company’s stock valued at $3,374,000 after buying an additional 53,202 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of MannKind by 4.7% during the second quarter. Teacher Retirement System of Texas now owns 77,726 shares of the biopharmaceutical company’s stock worth $291,000 after buying an additional 3,506 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of MannKind by 68.3% during the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock worth $1,636,000 after buying an additional 177,440 shares in the last quarter. Institutional investors own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

MNKD has been the subject of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of MannKind in a research report on Wednesday, February 25th. Wall Street Zen downgraded MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial set a $9.00 price objective on shares of MannKind in a research report on Monday, November 24th. Wedbush decreased their target price on shares of MannKind from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Finally, Weiss Ratings downgraded shares of MannKind from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, MannKind currently has a consensus rating of “Moderate Buy” and an average price target of $9.06.

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.