MannKind Corporation (MNKD) Stock: Heading Up On Management Changes


MannKind Corporation (NASDAQ: MNKD) is off to an incredibly strong start in the trading session this morning, and for good reason. The company announced management changes that seem to be exciting investors. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:27), MNKD is trading at $1.70 per share after a gain of $0.18 per share (11.51%) thus far today.

MNKD Gains On Management Changes

As mentioned above, MannKind Corporation is off to a strong start to the trading session this morning after announcing that a key change has been made to the company’s management. According to the announcement, Michael Castagna, Pharm.D., has been appointed as the new CEO of the company, a change that took effect on May 25th. Castagna has also been appointed to the MNKD Board of Directors. In a statement, Kent Kresa, Chairman of the Board, had the following to offer:

“The Board is extremely grateful to Matt for his committed service to the company over the past nine years. Matt successfully set the foundation for the company during its transition into a commercial entity and effectively prepared Michael to be his successor… Michael demonstrated deep commercial expertise in his prior role as MannKind’s Chief Commercial Officer as he built the capabilities from the bottom-up necessary to position Afrezza and the company for future growth. Under Michael’s leadership, new prescriptions of Afrezza have shown a steady increase since the MannKind launch and future prospects for this innovative product are strong. The Board is excited to move forward under Michael’s leadership.”

This statement was followed up by Dr. Castagna, the new CEO of MNKD, who had the following to offer…

I am honored to lead MannKind into its next phase of growth. Our inhaled insulin, Afrezza, is a truly differentiated brand that will help millions of people suffering from diabetes. Our relentless focus on empowering people to conquer the daily struggle of managing their diabetes will set MannKind apart.”

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on MNKD. In particular, we’re interested in seeing what changes Dr. Castagna makes to the marketing program surrounding Afrezza,  and we are excited to see the result of these changes. We’ll continue to follow the story closely and bring the news to you as it breaks!

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