Insider Selling: MannKind (NASDAQ:MNKD) CEO Sells 107,920 Shares of Stock

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 107,920 shares of MannKind stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $5.57, for a total transaction of $601,114.40. Following the sale, the chief executive officer directly owned 2,504,792 shares of the company’s stock, valued at $13,951,691.44. This represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

MannKind Trading Up 2.1%

Shares of MNKD traded up $0.12 during midday trading on Thursday, reaching $5.71. 2,361,704 shares of the stock were exchanged, compared to its average volume of 3,095,460. MannKind Corporation has a 52 week low of $3.38 and a 52 week high of $7.07. The company has a market capitalization of $1.75 billion, a P/E ratio of 57.10 and a beta of 0.82. The company’s 50 day moving average is $5.38 and its two-hundred day moving average is $4.63.

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

Analysts Set New Price Targets

A number of analysts have issued reports on MNKD shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Zacks Research upgraded shares of MannKind from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Monday, November 10th. Truist Financial set a $9.00 price objective on MannKind in a report on Monday, November 24th. Finally, Wells Fargo & Company lowered their target price on MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, MannKind has an average rating of “Moderate Buy” and a consensus price target of $10.06.

Institutional Trading of MannKind

A number of institutional investors have recently made changes to their positions in the stock. Rubric Capital Management LP acquired a new position in shares of MannKind during the third quarter valued at approximately $61,297,000. Nuveen LLC bought a new position in MannKind during the 1st quarter valued at $17,011,000. UBS Group AG increased its position in shares of MannKind by 146.7% during the 3rd quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock valued at $27,896,000 after purchasing an additional 3,088,820 shares during the period. Wellington Management Group LLP raised its stake in shares of MannKind by 316.2% in the 3rd quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock worth $18,622,000 after buying an additional 2,634,533 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of MannKind by 68.9% in 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 in the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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.