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

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

MannKind Price Performance

Shares of MNKD stock traded down $0.13 during trading hours on Friday, hitting $5.84. The stock had a trading volume of 13,026,537 shares, compared to its average volume of 2,736,288. The firm has a market capitalization of $1.79 billion, a PE ratio of 58.40 and a beta of 0.82. The stock’s 50 day moving average is $5.47 and its 200 day moving average is $4.76. MannKind Corporation has a twelve month low of $3.38 and a twelve month high of $7.07.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results 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 firm had revenue of $82.13 million during 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%. MannKind’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 EPS. As a group, equities analysts predict that MannKind Corporation will post 0.1 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on MNKD shares. Oppenheimer upped their price objective on MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, September 5th. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a research report on Wednesday, October 8th. Wells Fargo & Company reduced their target price on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Finally, HC Wainwright reiterated 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 given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.06.

Institutional Investors Weigh In On MannKind

Institutional investors and hedge funds have recently modified their holdings of the company. Quaker Wealth Management LLC raised its holdings in MannKind by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 7,000 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 14,000 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of MannKind by 1,379.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,396 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 6,896 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of MannKind in the 2nd quarter worth about $42,000. Master S Wealth Management Inc. acquired a new stake in MannKind in the 2nd quarter valued at about $44,000. Finally, Kapitalo Investimentos Ltda purchased a new position in MannKind during the 2nd quarter valued at about $51,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

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.