Insider Buying: MannKind Co. (MNKD) CEO Acquires 8,000 Shares of Stock

MannKind Co. (NASDAQ:MNKD) CEO Michael Castagna acquired 8,000 shares of the business’s stock in a transaction on Wednesday, December 20th. The stock was acquired at an average price of $2.29 per share, for a total transaction of $18,320.00. Following the acquisition, the chief executive officer now owns 35,532 shares of the company’s stock, valued at approximately $81,368.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

MannKind Co. (NASDAQ:MNKD) opened at $2.51 on Friday. The company has a debt-to-equity ratio of -0.43, a current ratio of 0.31 and a quick ratio of 0.28. MannKind Co. has a 52-week low of $0.67 and a 52-week high of $6.96. The firm has a market cap of $288.33, a P/E ratio of -9.30 and a beta of 3.08.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.11). MannKind had a negative return on equity of 24.93% and a negative net margin of 155.83%. The business had revenue of $2.04 million during the quarter, compared to the consensus estimate of $2.56 million. During the same quarter in the previous year, the business posted $1.30 earnings per share. The firm’s revenue was down 98.7% on a year-over-year basis. sell-side analysts predict that MannKind Co. will post -1.13 EPS for the current fiscal year.

A number of equities research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of MannKind from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. HC Wainwright assumed coverage on shares of MannKind in a report on Tuesday, October 10th. They set a “buy” rating on the stock. ValuEngine cut shares of MannKind from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Maxim Group restated a “hold” rating on shares of MannKind in a report on Wednesday, November 1st. Finally, BidaskClub cut shares of MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 2nd. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $0.92.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNKD. Balyasny Asset Management LLC bought a new position in MannKind in the second quarter worth approximately $568,000. LMR Partners LLP bought a new position in MannKind in the second quarter worth approximately $352,000. Dimensional Fund Advisors LP bought a new position in MannKind in the third quarter worth approximately $270,000. Dupont Capital Management Corp bought a new position in MannKind in the third quarter worth approximately $219,000. Finally, Macquarie Group Ltd. bought a new position in MannKind in the third quarter worth approximately $156,000. Institutional investors and hedge funds own 12.10% of the company’s stock.

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About MannKind

MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.

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