Insider Selling: MannKind Co. (NASDAQ:MNKD) CEO Sells 75,000 Shares of Stock

MannKind Co. (NASDAQ:MNKD – Get Rating) CEO Michael Castagna sold 75,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $4.50, for a total transaction of $337,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,526,735 shares in the company, valued at $11,370,307.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Wednesday, May 24th, Michael Castagna sold 150,000 shares of MannKind stock. The stock was sold at an average price of $4.69, for a total transaction of $703,500.00.
• On Friday, May 5th, Michael Castagna sold 10,000 shares of MannKind stock. The shares were sold at an average price of $4.00, for a total value of $40,000.00.
• On Monday, April 3rd, Michael Castagna sold 10,000 shares of MannKind stock. The stock was sold at an average price of $4.13, for a total value of $41,300.00.
• On Wednesday, March 1st, Michael Castagna sold 10,000 shares of MannKind stock. The stock was sold at an average price of $5.27, for a total value of $52,700.00.

MannKind Trading Down 0.2 %

MNKD stock traded down $0.01 on Friday, hitting $4.54. The company’s stock had a trading volume of 2,483,544 shares, compared to its average volume of 3,224,450. The firm has a 50 day moving average of $4.14 and a two-hundred day moving average of $4.61. MannKind Co. has a 1 year low of $2.91 and a 1 year high of $5.73. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -16.21 and a beta of 1.58.

MannKind (NASDAQ:MNKD – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $40.63 million for the quarter, compared to analysts’ expectations of $37.40 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The firm’s quarterly revenue was up 238.8% compared to the same quarter last year. As a group, equities analysts forecast that MannKind Co. will post -0.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on MNKD shares. StockNews.com raised shares of MannKind from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. HC Wainwright boosted their price target on shares of MannKind from $6.00 to $7.00 in a report on Monday, February 27th.

Institutional Investors Weigh In On MannKind

Large investors have recently added to or reduced their stakes in the business. Jump Financial LLC raised its holdings in MannKind by 900.9% in the third quarter. Jump Financial LLC now owns 217,200 shares of the biopharmaceutical company’s stock valued at $671,000 after buying an additional 195,500 shares during the period. Aaron Wealth Advisors LLC purchased a new position in MannKind in the fourth quarter valued at approximately $508,000. Virtu Financial LLC raised its holdings in MannKind by 562.9% in the third quarter. Virtu Financial LLC now owns 107,005 shares of the biopharmaceutical company’s stock valued at $331,000 after buying an additional 90,863 shares during the period. Globeflex Capital L P purchased a new position in MannKind in the fourth quarter valued at approximately $586,000. Finally, MetLife Investment Management LLC raised its holdings in MannKind by 18.1% in the third quarter. MetLife Investment Management LLC now owns 133,420 shares of the biopharmaceutical company’s stock valued at $412,000 after buying an additional 20,487 shares during the period. 49.16% of the stock is owned by institutional investors and hedge funds.

About MannKind

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MannKind Corp. is a biopharmaceutical company, which engages in the development and commercialization of therapeutic products and devices for those with endocrine and orphan lung diseases. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Danbury, CT.