MannKind Corporation [MNKD] Insider Selling: Time to sell?


MannKind Corporation’s recently made public that its Chief Executive Officer Castagna Michael unloaded Company’s shares for reported $46100.0 on Sep 01. In the deal valued at $4.61 per share,10,000 shares were sold. As a result of this transaction, Castagna Michael now holds 2,436,039 shares worth roughly $ 11.16 million.

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Then, Thomson David sold 8,100 shares, generating $38,738 in total proceeds. Upon selling the shares at $4.78, the EVP Genl Counsel & Secretary now owns 798,835 shares.

Before that, Castagna Michael sold 10,000 shares. MannKind Corporation shares valued at $45,686 were divested by the Chief Executive Officer at a price of $4.57 per share. As a result of the transaction, Castagna Michael now holds 2,496,735 shares, worth roughly $11.44 million.

RBC Capital Mkts initiated its MannKind Corporation [MNKD] rating to a Sector perform in a research note published on Tuesday, May 14, 2021; the price target was $5. PT values the company’s stock at a premium of 8.4 to its Tuesday closing price.

Price Performance Review of MNKD

On Tuesday, MannKind Corporation [NASDAQ:MNKD] saw its stock fall -1.08% to $4.58. On the same session, the stock had its day’s lowest price of $4.535, but rose to a high of $4.635. Over the last five days, the stock has lost -3.98%. MannKind Corporation shares have fallen nearly -13.09% since the year began. Nevertheless, the stocks have risen 15.08% over the past one year. While a 52-week high of $5.75 was reached on 08/09/23, a 52-week low of $2.91 was recorded on 05/02/23. SMA at 50 days reached $4.54, while 200 days put it at $4.56. A total of 2.45 million shares were traded, compared to the trading of 1.81 million shares in the previous session.

Levels Of Support And Resistance For MNKD Stock

The 24-hour chart illustrates a support level at 4.53, which if violated will result in even more drops to 4.48. On the upside, there is a resistance level at 4.63. A further resistance level may holdings at 4.68. The Relative Strength Index (RSI) on the 14-day chart is 44.60, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.14, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 89.47%. Stochastics %K at 14.48% indicates the stock is a buying.

How much short interest is there in MannKind Corporation?

A steep rise in short interest was recorded in MannKind Corporation stocks on Aug 14, 2023, growing by 1.73 million shares to a total of 36.68 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 34.95 million shares. There was a rise of 4.72%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 13.98% of the overall stock float, the days-to-cover ratio (short ratio) rose to 11.35.

MannKind Corporation [MNKD] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 18,377,273 shares, or roughly 6.95% of the outstanding MNKD shares. In other words, the investor’s shares have risen by 6,755 from its previous 13-F filing of 18370518.0. Additionally, SSgA Funds Management, Inc. decreased -14.39% of its stake after which the total value it holdings stand at $69,979,405, while The Vanguard Group, Inc. added 3.01% of its stake to hold $63.86 million in the firm. At present, Emerald Advisers LLC is holding 5,746,719 shares valued at $26.26 million. Geode Capital Management LLC owned 5,334,539 shares of the company at the time of its most recent 13F filing, worth $24.38 million.

According to FactSet, MannKind Corporation’s share price will average $6.70 in the next year, based on opinions of analysts polled by the firm. This is up nearly 51.19 percent from its previous closing price of $4.63. Analysts expect MannKind Corporation stock to reach the higher price of $7.50, while the lowest price estimate is $5.00. However, 5 analysts have rated MNKD stock as a Buy in their predictions for 2023.


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