MannKind Co. (NASDAQ:MNKD – Free Report) – Equities research analysts at Cantor Fitzgerald issued their FY2023 earnings estimates for shares of MannKind in a report issued on Monday, July 10th. Cantor Fitzgerald analyst O. Brayer anticipates that the biopharmaceutical company will post earnings per share of ($0.20) for the year. Cantor Fitzgerald currently has a “Overweight” rating on the stock. The consensus estimate for MannKind’s current full-year earnings is ($0.12) per share.
Separately, StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd.
MannKind Price Performance
MannKind (NASDAQ:MNKD – Get Free Report) last announced its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $40.63 million during the quarter, compared to analyst estimates of $37.40 million. During the same quarter in the previous year, the business posted ($0.10) earnings per share. MannKind’s revenue for the quarter was up 238.8% compared to the same quarter last year.
Insider Buying and Selling
In other MannKind news, CEO Michael Castagna sold 150,000 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $4.69, for a total value of $703,500.00. Following the sale, the chief executive officer now owns 2,331,735 shares of the company’s stock, valued at $10,935,837.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MannKind news, EVP David Thomson sold 95,576 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $4.68, for a total value of $447,295.68. Following the sale, the executive vice president now owns 735,263 shares of the company’s stock, valued at $3,441,030.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Castagna sold 150,000 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $4.69, for a total transaction of $703,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,331,735 shares in the company, valued at approximately $10,935,837.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 398,386 shares of company stock valued at $1,837,568. Corporate insiders own 4.00% of the company’s stock.
Hedge Funds Weigh In On MannKind
Institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of MannKind in the fourth quarter valued at approximately $1,652,000. Aaron Wealth Advisors LLC acquired a new position in shares of MannKind in the fourth quarter valued at approximately $508,000. AXQ Capital LP acquired a new position in shares of MannKind in the fourth quarter valued at approximately $67,000. Globeflex Capital L P acquired a new position in MannKind during the fourth quarter worth approximately $586,000. Finally, Emerald Mutual Fund Advisers Trust increased its position in MannKind by 0.8% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 1,789,539 shares of the biopharmaceutical company’s stock worth $9,431,000 after purchasing an additional 13,930 shares during the last quarter. Institutional investors and hedge funds own 52.68% of the company’s stock.
About MannKind
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.
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