MannKind Co. (NASDAQ:MNKD) CEO Sells $536,167.80 in Stock

MannKind Co. (NASDAQ:MNKD) CEO Michael Castagna sold 85,106 shares of MannKind stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $6.30, for a total transaction of $536,167.80. Following the completion of the sale, the chief executive officer now owns 2,294,836 shares of the company’s stock, valued at $14,457,466.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

MannKind Stock Performance

Shares of MNKD traded up $0.43 during trading hours on Thursday, hitting $6.33. The stock had a trading volume of 6,866,507 shares, compared to its average volume of 2,710,890. The firm has a 50-day moving average price of $5.41 and a 200 day moving average price of $4.76. MannKind Co. has a fifty-two week low of $3.17 and a fifty-two week high of $6.44. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 212.33 and a beta of 1.32.

MannKind (NASDAQ:MNKD) last posted its earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.04. MannKind had a net margin of 3.78% and a negative return on equity of 3.35%. The firm had revenue of $72.39 million during the quarter, compared to analysts’ expectations of $64.81 million. During the same period in the previous year, the business posted ($0.02) EPS. The business’s revenue was up 48.9% compared to the same quarter last year. As a group, analysts predict that MannKind Co. will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On MannKind

Large investors have recently made changes to their positions in the company. Millennium Management LLC increased its holdings in MannKind by 189.8% in the 2nd quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after acquiring an additional 3,107,598 shares in the last quarter. TSP Capital Management Group LLC increased its holdings in MannKind by 196.0% in the 2nd quarter. TSP Capital Management Group LLC now owns 2,391,900 shares of the biopharmaceutical company’s stock worth $12,486,000 after acquiring an additional 1,583,800 shares in the last quarter. Parkman Healthcare Partners LLC increased its holdings in MannKind by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock worth $9,095,000 after acquiring an additional 429,677 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of MannKind during the second quarter worth $1,524,000. Finally, Dark Forest Capital Management LP grew its holdings in shares of MannKind by 1,551.2% during the second quarter. Dark Forest Capital Management LP now owns 275,970 shares of the biopharmaceutical company’s stock worth $1,441,000 after buying an additional 259,257 shares in the last quarter. 49.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MNKD. Oppenheimer lifted their target price on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.50 target price on shares of MannKind in a research note on Thursday, May 9th. Finally, Rodman & Renshaw started coverage on shares of MannKind in a research note on Thursday, June 13th. They set a “buy” rating and a $8.00 price objective for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.80.

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.