MannKind (NASDAQ:MNKD) CEO Sells $395,482.04 in Stock

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 65,804 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $6.01, for a total transaction of $395,482.04. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Friday, December 12th, Michael Castagna sold 20,806 shares of MannKind stock. The shares were 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 value of $127,860.00.
• On Tuesday, December 2nd, Michael Castagna sold 107,920 shares of MannKind stock. The stock was sold at an average price of $5.57, for a total value of $601,114.40.

MannKind Price Performance

Shares of MNKD stock opened at $5.84 on Monday. The company has a market cap of $1.79 billion, a PE ratio of 58.40 and a beta of 0.82. MannKind Corporation has a 1 year low of $3.38 and a 1 year high of $7.07. The stock’s 50 day simple moving average is $5.47 and its two-hundred day simple moving average is $4.76.

MannKind (NASDAQ:MNKD) last released its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. MannKind had a negative return on equity of 49.33% and a net margin of 9.32%.The firm had revenue of $82.13 million for the quarter, compared to the consensus estimate of $80.47 million. During the same quarter in the previous year, the company posted $0.04 EPS. The company’s revenue for the quarter 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 year.

Wall Street Analyst Weigh In

MNKD has been the subject of several analyst reports. Royal Bank Of Canada lowered their target price on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating for the company in a report on Tuesday, November 11th. Zacks Research raised shares of MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Truist Financial set a $9.00 target price on MannKind in a research report on Monday, November 24th. Wells Fargo & Company cut their target price on MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Finally, HC Wainwright reissued a “buy” rating on shares of MannKind in a research note on Monday, November 10th. 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 a consensus rating of “Moderate Buy” and an average target price of $10.06.

Hedge Funds Weigh In On MannKind

A number of hedge funds have recently added to or reduced their stakes in the stock. Quaker Wealth Management LLC increased its stake in 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 buying an additional 14,000 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of MannKind by 1,379.2% in 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of MannKind during the second quarter worth approximately $42,000. Master S Wealth Management Inc. purchased a new stake in shares of MannKind during the second quarter worth approximately $44,000. Finally, Kapitalo Investimentos Ltda acquired a new position in MannKind in the 2nd quarter valued at $51,000. 49.55% of the stock is currently owned by institutional investors.

MannKind Company Profile

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.