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

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 65,804 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $6.01, for a total value of $395,482.04. Following the completion of the sale, the chief executive officer directly owned 2,504,792 shares in the company, valued at $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 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 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 shares were 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

MNKD stock opened at $5.84 on Friday. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 58.40 and a beta of 0.82. The company has a 50 day simple moving average of $5.47 and a 200 day simple moving average of $4.76. MannKind Corporation has a 1 year low of $3.38 and a 1 year high of $7.07.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. MannKind had a net margin of 9.32% and a negative return on equity of 49.33%. The firm had revenue of $82.13 million for the quarter, compared to analysts’ expectations of $80.47 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. On average, equities research analysts anticipate that MannKind Corporation will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rubric Capital Management LP acquired a new stake in MannKind during the 3rd quarter worth about $61,297,000. Nuveen LLC bought a new stake in shares of MannKind during the 1st quarter valued at about $17,011,000. UBS Group AG grew its stake in MannKind by 146.7% during the third quarter. UBS Group AG now owns 5,194,739 shares of the biopharmaceutical company’s stock worth $27,896,000 after purchasing an additional 3,088,820 shares during the period. Wellington Management Group LLP grew its stake in MannKind by 316.2% during the third quarter. Wellington Management Group LLP now owns 3,467,721 shares of the biopharmaceutical company’s stock worth $18,622,000 after purchasing an additional 2,634,533 shares during the period. Finally, Millennium Management LLC increased its holdings in MannKind by 68.9% in the first quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company’s stock worth $29,288,000 after purchasing an additional 2,375,198 shares in the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analysts Forecast Growth

MNKD has been the topic of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of MannKind in a research note on Wednesday, October 8th. Royal Bank Of Canada cut their target price on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. Wells Fargo & Company reduced their target price on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a research note on Monday, November 10th. Finally, Truist Financial set a $9.00 price target on shares of MannKind in a report on Monday, November 24th. One 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. According to data from MarketBeat, MannKind presently has a consensus rating of “Moderate Buy” and an average target price of $10.06.

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.