|
Post by cretin11 on Jun 28, 2023 16:46:05 GMT -5
"Afrezza may not be growing by leaps and bounds" - no argument there! Not sure about the rest (no pun intended) of your post, but we're all entitled to our opinions. If you're correct then we'll undoubtedly shoot back over $5 shortly, then much higher and never to return to Pennystock Land. Looking forward to it.
|
|
|
Post by prcgorman2 on Jun 28, 2023 16:47:10 GMT -5
I will argue it is not the management team's job to "convince Wall Street to peg the PPS above $5/share". It's management's job to take care of business. The way to "convince Wall Street" the PPS should be higher is proving fundamental business performance based on reporting using GAAP rules. The story of changing from a company on the verge of bankruptcy to a company on the verge of profitability tells itself and it's worth about 3x to 4x the price when the current CEO's tenure began. I don't assume we've seen all the PPS improvement we'll see. I don't believe we're done and pegged permanently around $4, nor do I assume we'll go back to the $1s again. There are plenty of reasons to be optimistic. I also don't assume there will be 400,000,000 shares of dilution all at once and question why anyone would assume that. I've not read any studies on what the threat of dilution has done historically to stock prices of small BP companies, but am persuaded it's not helping the share price. Other folks have posted that given the size and pace of interest rate hikes from the Fed, requesting the authority to issue more shares was "prudent". DYODD
|
|
|
Post by cretin11 on Jun 28, 2023 18:01:46 GMT -5
In professional sports, part of management’s job is to produce wins on the playing field. That requires execution of a winning strategy. In publicly traded corporations, part of management’s job is to produce gains for shareholders. That also requires execution of a winning strategy.
Some professional sports owners eschew winning games and titles to instead focus on making a profit for their own personal gain. That’s one way to run a franchise, but fans won’t like it. In the corporate world, it is possible for execs to amass great wealth without necessarily producing gains for shareholders. That’s one way to run a company, but shareholders will have varying degrees of patience for it.
|
|
|
Post by cedafuntennis on Jun 28, 2023 18:08:34 GMT -5
Cretin, are you suggesting MNKD management is running a game for their own profit? With the previous CEOs we had, I would have been on-board with that as it is and was evident and the company was steadily going down the tubes while they were draining huge, undeserved paychecks (IMHO). But Mike and UTHR changed the equation entirely and that is provable and evident. Were there mistakes made? Plenty especially with the trials and marketing, but there is no evidence of malfeasance here, now.
|
|
|
Post by cretin11 on Jun 29, 2023 7:56:21 GMT -5
Under what previous CEOs are you saying the company was steadily going down the tubes while they were draining huge, undeserved paychecks?
|
|
|
Post by prcgorman2 on Jun 29, 2023 8:42:47 GMT -5
Under what previous CEOs are you saying the company was steadily going down the tubes while they were draining huge, undeserved paychecks? I'll volunteer Hakan Edstrom and Matt Pfeffer as potentially fitting those criteria. To be fair, Hakan did what he was supposed to do, so probably only Matt P. fits the criteria, but even then Matt got handed a crap sandwich because of the Sanofi disaster. Regardless, he was the CEO for two years and did not look like he was going to successfully pull MannKind's feet out of the fire so the Board of Directors made the change. Also, the label "huge, undeserved" paychecks assumes it can be demonstrated a CEO is being egregiously overpaid as compared to other CEOs in similar companies of similar size, maturity, et cetera, as well as not performing well. The current CEO inherited the company shortly after the 1:5 reverse split you use for your measuring stick of success and was executed by the previous CEO. The Sanofi divorce payments were largely squandered by the time the current CEO started with less than a quarter's worth of operating capital on hand. Since then TRx of Afrezza increased 4x or 5x (and revenue significantly more than that) and debt restructuring kept the company on life support until the Tyvaso DPI deal with United Therapeutics provided the impetus for a much brighter outlook including a near term-ish prospect of profitability.
For those interested in the thread topic, MNKD is -.01 and volume is ~60,000 shares 10 minutes into the trading day. If it keeps that pace, we'll have a moderate volume of trades today.
|
|
|
Post by peppy on Jun 29, 2023 10:31:50 GMT -5
MNKD volume at 2 hours of trade, real time, 239,681 shares summary, 239,675 Avg. Volume 3,212,077
$3.96. .0000 (0.0000%)
Normal volume is @ 300,000 shares the first hour. Summertime? low, low volume.
|
|
|
Post by cretin11 on Jun 29, 2023 10:39:11 GMT -5
Fair enough gorman. Doesn't much matter now, but i personally hope you and cedafuntennis are both wrong and there was no malfeasance on the part of our previous CEOs. It does matter whether our current management is guilty of such, and likewise I certainly hope not. Nothing in my post above alleges malfeasance on the part of our previous or current management. There are many ways for corporate management to enrich themselves without producing gains for shareholders, most of them do not involve malfeasance but rather just ineffectiveness. It happens often in the corporate world, MNKD is not alone. To cedafuntennis' point, "plenty of mistakes" have been made by our current team. When MC joined management he was tasked with commercializing Afrezza. Look what the share price was then, where it is now, while we are stuck in 900 TRx range after these years. We all know about the mistakes.
Gorman you're correct that UTHR got us off life support, and but for Martine saving the day I wonder if you'd lump MC in with your brutal assessment of Matt P's performance. I respect your opinion but it's also reasonable for shareholders to not approve of our current team's 100% annual bonus calculation "formulas" with execs grading themselves at 100% (and sometimes even above 100%) on their shifting and cherrypicked performance metrics. Go back and review them if you don't recall. That does not rise to the level of malfeasance IMO, but it analogous to the professional sports team owner who enjoys huge profits from raising fans' ticket prices, constantly claiming to be putting the right pieces into place but while the team fails to make the playoffs season after season after season.
The Cubs finally won a World Series and the Cleveland Cavaliers won a title, so hopefully MNKD will have our day too. (If so, then Martine is our Lebron!)
|
|
|
Post by peppy on Jun 29, 2023 10:47:40 GMT -5
quote from above, " i personally hope you and cedafuntennis are both wrong and there was no malfeasance on the part of our previous CEOs. It does matter whether our current management is guilty of such, and likewise I certainly hope not. "
"That does not rise to the level of malfeasance IMO, but it analogous to the professional sports team owner who enjoys huge profits from raising fans' ticket prices, constantly claiming to be putting the right pieces into place but while the team fails to make the playoffs season after season after season."
reply, give me strength. The volume thread is not the thread for your past and present management assessment.
Baseball.....
|
|
|
Post by cretin11 on Jun 29, 2023 11:10:42 GMT -5
sorry peppy, but the volume thread was getting kinda boring, and to be fair I wasn't the one who accused our previous CEOs of taking "huge, undeserved paychecks." But hopefully you are granted the strength you request. My reply is grant me patience! I thought i had a lot but clearly many here possess much more
|
|
|
Post by peppy on Jun 29, 2023 11:43:03 GMT -5
MNKD volume at 2 hours of trade, real time, 239,681 shares summary, 239,675 Avg. Volume 3,212,077 $3.96. .0000 (0.0000%) Normal volume is @ 300,000 shares the first hour. Summertime? low, low volume. MNKD volume at the half day of trade, real time, : 477,068 summary, 477,192 $3.945 -0.015. (-0.38%)
|
|
|
Post by prcgorman2 on Jun 29, 2023 15:03:43 GMT -5
1.8M shares traded and the PPS is flat as day old beer. $3.96 at the close.
|
|
|
Post by cedafuntennis on Jun 29, 2023 23:26:34 GMT -5
Fair enough gorman. Doesn't much matter now, but i personally hope you and cedafuntennis are both wrong and there was no malfeasance on the part of our previous CEOs. It does matter whether our current management is guilty of such, and likewise I certainly hope not. Nothing in my post above alleges malfeasance on the part of our previous or current management. There are many ways for corporate management to enrich themselves without producing gains for shareholders, most of them do not involve malfeasance but rather just ineffectiveness. It happens often in the corporate world, MNKD is not alone. To cedafuntennis' point, "plenty of mistakes" have been made by our current team. When MC joined management he was tasked with commercializing Afrezza. Look what the share price was then, where it is now, while we are stuck in 900 TRx range after these years. We all know about the mistakes. Gorman you're correct that UTHR got us off life support, and but for Martine saving the day I wonder if you'd lump MC in with your brutal assessment of Matt P's performance. I respect your opinion but it's also reasonable for shareholders to not approve of our current team's 100% annual bonus calculation "formulas" with execs grading themselves at 100% (and sometimes even above 100%) on their shifting and cherrypicked performance metrics. Go back and review them if you don't recall. That does not rise to the level of malfeasance IMO, but it analogous to the professional sports team owner who enjoys huge profits from raising fans' ticket prices, constantly claiming to be putting the right pieces into place but while the team fails to make the playoffs season after season after season. The Cubs finally won a World Series and the Cleveland Cavaliers won a title, so hopefully MNKD will have our day too. (If so, then Martine is our Lebron!) I'm not sold on malfeasance with Hank and Phefer, but if not that what's left? Incompetence? Rethorical question. About the Sanofi lemon, the outcome was obviously going that direction for a long time, but management didn't take any steps. They seemed happy to sit there, get paid and wait for the inevitable. Kindda like a deer in the headlights. A good CEO never keeps all his eggs in one basket, especially when you see that basket falling apart but this is what they both did. With all the mistakes, Mike had the foresight and courage to break the mold and go with Martine in a different direction from Afrezza only. Give him that.
|
|
|
Post by cretin11 on Jun 30, 2023 4:28:00 GMT -5
Agree, you could present a case for incompetence. Also agree Mike, despite all his mistakes as you referenced, made the correct decision saying yes to Martine. Did it take “foresight and courage”? Debatable, as many would say it was a no brainer decision. But definitely glad that happened, we’d be in a bleak place without UTHR. If our management team had lined up multiple revenue producing deals and succeeded commercializing Afrezza by now, as was projected, this convo wouldn’t even be happening.
Sorry peppy, back to your regularly scheduled volume discussion…
|
|
|
Post by prcgorman2 on Jun 30, 2023 7:30:03 GMT -5
“succeeded commercializing Afrezza..as projected”. Where was that projected? Provide a link to anything said by current management that projected Afrezza was going to be successfully commercialized. Mike was hired because of his success with re-launching drugs but “success” for re-launch is measured with a low bar. If you have access to the very earliest interviews with the CEO, he said re-launch of a drug is successful less than 40% of the time. (He gave a percentage in the 30s range, but I don’t remember the exact percentage.). You must get very dizzy from all the spinning.
Making Afrezza successful has been an aspirational goal since 2017 and remains that way today. The reason it’s still a goal (instead of just shelving it) is because Afrezza is literallly “life changing” and faith continues that someday a much larger audience of persons with diabetes will know it.
|
|