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

MannKind Corporation (NASDAQ:MNKD) CEO Michael Castagna sold 20,806 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $6.00, for a total transaction of $124,836.00. Following the completion of the sale, the chief executive officer owned 2,504,792 shares in the company, valued at $15,028,752. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• 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 transaction 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 Trading Up 1.0%

Shares of NASDAQ:MNKD opened at $5.97 on Thursday. The stock has a market capitalization of $1.83 billion, a P/E ratio of 59.70 and a beta of 0.82. MannKind Corporation has a 12-month low of $3.38 and a 12-month high of $7.07. The stock’s 50-day moving average price is $5.44 and its 200-day moving average price is $4.74.

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. The company had revenue of $82.13 million during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.04 earnings per share. As a group, research analysts predict that MannKind Corporation will post 0.1 EPS for the current year.

Institutional Trading of MannKind

Large investors have recently made changes to their positions in the stock. CTC Alternative Strategies Ltd. purchased a new stake in MannKind in the 3rd quarter valued at about $88,000. Swiss Life Asset Management Ltd bought a new position in shares of MannKind in the 3rd quarter worth $72,000. CIBC Bancorp USA Inc. purchased a new stake in shares of MannKind during the third quarter valued at about $173,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of MannKind by 3.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,597,677 shares of the biopharmaceutical company’s stock valued at $8,580,000 after purchasing an additional 47,787 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of MannKind by 21.2% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 120,501 shares of the biopharmaceutical company’s stock worth $648,000 after purchasing an additional 21,086 shares in the last quarter. 49.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Truist Financial set a $9.00 target price on MannKind in a report on Monday, November 24th. HC Wainwright reissued a “buy” rating on shares of MannKind in a report on Monday, November 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MannKind in a report on Wednesday, October 8th. Leerink Partners assumed coverage on shares of MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target on the stock. Finally, Wells Fargo & Company lowered their price objective on MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, MannKind presently has an average rating of “Moderate Buy” and a consensus price target of $10.06.

MannKind Company Profile

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.