Michael Castagna Sells 20,806 Shares of MannKind (NASDAQ:MNKD) Stock

by · The Cerbat Gem

MannKind Corporation (NASDAQ:MNKD – Get Free Report) CEO Michael Castagna sold 20,806 shares of the stock in a transaction on Friday, December 12th. The shares were sold at an average price of $6.00, for a total value of $124,836.00. Following the completion of the transaction, the chief executive officer directly owned 2,504,792 shares in the company, valued at approximately $15,028,752. This represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

  • 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 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 transaction of $601,114.40.

MannKind Trading Down 0.5%

Shares of MNKD traded down $0.03 during mid-day trading on Tuesday, reaching $5.91. The company’s stock had a trading volume of 2,832,014 shares, compared to its average volume of 2,701,688. MannKind Corporation has a 52 week low of $3.38 and a 52 week high of $7.07. The stock has a market cap of $1.81 billion, a PE ratio of 59.10 and a beta of 0.82. The company’s fifty day moving average price is $5.43 and its two-hundred day moving average price is $4.73.

MannKind (NASDAQ:MNKD – Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The business 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%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 earnings per share. Research analysts anticipate that MannKind Corporation will post 0.1 EPS for the current year.

Institutional Investors Weigh In On MannKind

A number of institutional investors have recently made changes to their positions in MNKD. Vanguard Group Inc. boosted its stake in MannKind by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company’s stock valued at $87,131,000 after purchasing an additional 1,263,622 shares during the last quarter. Invesco Ltd. raised its position in MannKind by 11.9% in the 1st quarter. Invesco Ltd. now owns 1,365,850 shares of the biopharmaceutical company’s stock worth $6,870,000 after buying an additional 145,015 shares during the last quarter. Virtu Financial LLC bought a new position in MannKind during the 1st quarter valued at about $70,000. Nuveen LLC purchased a new stake in shares of MannKind during the 1st quarter valued at about $17,011,000. Finally, Fox Run Management L.L.C. lifted its position in MannKind by 184.5% during the first quarter. Fox Run Management L.L.C. now owns 74,024 shares of the biopharmaceutical company’s stock valued at $372,000 after purchasing an additional 48,009 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MNKD. Oppenheimer increased their price target on shares of MannKind from $12.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. HC Wainwright reiterated a “buy” rating on shares of MannKind in a research report on Monday, November 10th. Zacks Research raised MannKind from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Leerink Partners began coverage on MannKind in a research note on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price target for the company. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.06.

Check Out Our Latest Report on MNKD

About MannKind

(Get Free Report)

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.

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