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Post by standup on Dec 18, 2023 14:05:59 GMT -5
Whac-A-Mole back into the prior trading range after just two glorious days of optimism.
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Post by prcgorman2 on Dec 18, 2023 15:13:02 GMT -5
So the PPS gets propped up to $4 coincidentally when Mike unloads shares, now it drops back down. Oh brother. Had to be, right, because there is NO WAY Mike would ever use a GTC sell order and just wait.  (sarcasm)
As Martin Shkreli recently pointed out in his interview with Tucker Carlson, insider trading and securities fraud can get you in jail for many years (and he would know).
You appear to think Mike would risk his entire career that he's provably worked very hard to create, but I don't.
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Post by hopingandwilling on Dec 18, 2023 15:37:58 GMT -5
It is obvious this "person" doesn't see a future for why he should hold his MNKD shares. Afterall he was the person who said he would be able to do a better job than Sanofi in selling Afrezza. There is no wonder the stock is tanking today on a massive amount of shares being sold. His million-dollar salary isn't enough for him getting by.
Mannkind Insider Sold Shares Worth $801,928, According to a Recent SEC Filing
6:00 AM ET, 12/18/2023 - MT Newswires
06:00 AM EST, 12/18/2023 (MT Newswires) -- Michael Castagna, Director, Chief Executive Officer, around December 14, 2023, sold 200,482 shares in Mannkind (MNKD) for $801,928. Following the Form 4 filing with the SEC, Castagna has control over a total of 2,148,665 shares of the company, with 2,148,665 shares held directly.
SEC Filing:
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Post by cretin11 on Dec 18, 2023 16:30:13 GMT -5
So the PPS gets propped up to $4 coincidentally when Mike unloads shares, now it drops back down. Oh brother. Had to be, right, because there is NO WAY Mike would ever use a GTC sell order and just wait. (sarcasm)
As Martin Shkreli recently pointed out in his interview with Tucker Carlson, insider trading and securities fraud can get you in jail for many years (and he would know).
You appear to think Mike would risk his entire career that he's provably worked very hard to create, but I don't. prcgorman if I'm correctly interpreting your sarcasm, you are saying Mike used a GTC order for this latest sale of over 200,000 shares. Based on the amount he made on that sale, the price was precisely $4.00 per share. So I believe you are correct, it was probably a GTC order. That still raises a few questions, to awesomo's post. When did Mike place his GTC order and how did he know to set the price at $4? The prevailing theory has been that he is "forced" to sell for certain reasons based on life events. We know it's unrelated to taxes because the amount of shares is way too high (one could argue otherwise about his dumping of the paltry 10,000 shares each month). If he placed his GTC sell order a week ago, the share price was dancing below and above $3.50, it would seem odd he'd think a $4 share price was remotely likely unless he knew something we didn't. Would seem more logical he'd set the sell price around $3.50 or optimistically $3.60. Agreed? |
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Post by peppy on Dec 18, 2023 16:34:52 GMT -5
MNKD volume at 1 hour of trade, Volume: 489,848 $3.805 -0.135 (-3.43%) MNKD Nasdaq real time volume, 2,393,028 shares. $3.73. -5.33%. -0.21 Chitty day. |
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Post by cretin11 on Dec 18, 2023 16:41:33 GMT -5
Continuing the train of thought regarding Mike's sale of over 200,000 shares, what if the popular theory is false and in fact Mike doesn't "need" to sell shares to raise proceeds for personal reasons? That could mean he wasn't in a hurry and didn't "coincidentally" anticipate the unusual share price spike from under $3.50 to over $4.00 over the course of a few exciting days.
It would also mean he could've had that GTC sell order for a while, in case share price ever did pop or rise to $4.00. Which would further mean he deemed $4.00 an appropriate and intelligent sell price point. Actually, that sounds worse than the previous speculations, it would give us a window into our CEO's opinion of our share value.
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Post by prcgorman2 on Dec 18, 2023 16:53:10 GMT -5
Or there could be a lot of sophistry designed to create more concern than is warranted.
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Post by standup on Dec 18, 2023 16:56:39 GMT -5
These were planned sales filed this past September and a year ago December. As such, I don't believe he has control over sales dates or prices but I could be wrong about that.
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Post by cretin11 on Dec 18, 2023 16:58:29 GMT -5
So it was either: 1) a quick GTC order and he was incredibly lucky to guess the magical 50 cent share price move just when he needed to raise some funds, or 2) it was a longstanding GTC sell order at $4. Is there another choice?
Regardless of which it was, I tend to agree with our esteemed prcgorman who says he does NOT think Mike would "risk his entire career that he's provably worked very hard to create" by committing obvious insider trading and securities fraud.
I agree because the math simply wouldn't make sense. He sold 200,000 shares at $4, raising $800,000. If he did it using improper knowledge or means, he basically benefited by 50 cents per share, for a total of $100,000 on the transaction.
While making an "extra" $100,000 on selling 200,000 shares might sound significant for many shareholders, Mike's in a different position. He has amassed generational wealth and millions of MNKD shares by virtue of being named to his current position seven years ago. He was smart enough at schoolwork to attend Wharton and studied long enough to get a doctorate degree. Someone that smart knows better than to risk his generational wealth for a meager $100,000 bump on a stock trade.
So there's the rare agreement between me and gorman, we agree it's unlikely Mike did something improper regarding the 200,000 share sale.
That still leaves the questions unanswered, when did he set the GTC sell order and why did he set it at $4? I believe it was sports who said it, so credit to her, but given the unusual sale and the written article(s) with negative inferences about it, it might be appropriate for him to address it to set the record straight.
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Post by prcgorman2 on Dec 18, 2023 17:11:59 GMT -5
Have you ever used a GTC order? They're GTC for a reason. It's because the buyer/seller can't guess when something will reach a price.
As for when the order could have been entered, I'm not sure if there is a regulated amount of time on GTC. Going from memory, the amount of time a GTC is good for can vary by trading platform. I've not done many but I think 90 days was the limit for the orders I placed. The duration might also vary by account type.
Regardless, we're speculating to even say it was a GTC order. I just used it as an example. But please, write another long convoluted suggestive post.
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Post by cretin11 on Dec 18, 2023 17:13:30 GMT -5
These were planned sales filed this past September and a year ago December. As such, I don't believe he has control over sales dates or prices but I could be wrong about that. I agree many of his sales of MNKD shares have been preplanned with him having no control over sell prices. We've seen these every month like clockwork, typically in 10,000 share chunks at whatever the share price happens to be on those days. However, the recent article and awesomo's post above is referencing the recent sale of over two hundred thousand shares. I believe the exact number was 200,482. Those shares brought him $801,928. That math works out to $4.00 per share. I'm not aware of any mechanism by which one can pre-plan a sale of stock, many months in advance, and dictate the exact price like that. awesomo said our share price got "propped up to $4 coincidentally" for Mike's big share dump. I don't know if "propped up" is true, but doesn't it sure as heck look "coincidental" at the very least? gorman calls it "sophistry" but i think not. To me, sophistry means the use of fallacious arguments, especially with the intention to deceive. So that's wrong on both counts, there's no fallacious argument being used, and no intention to deceive. CEO selling 200K shares on exactly the day our price spikes and right before it falls back down. Seems interesting, relevant and worthy of discussion on a forum where the rest of us have not had such extraordinary good fortune trading MNKD. As always, I'm open to any interpretations to the contrary. |
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Post by cretin11 on Dec 18, 2023 17:21:26 GMT -5
Have you ever used a GTC order? They're GTC for a reason. It's because the buyer/seller can't guess when something will reach a price. I've used GTC orders. Not a big fan of them really. I'd rather rely on more day-to-day info, because sometimes a GTC order can mean lost profits. For example, a GTC sell order might execute because something so wonderful has been announced, but now you've missed much of the upside because your GTC sell order triggered at the lower price. GTC sell order can make sense if you set the price so high you think "if my shares get to that price point I'd be crazy not to sell, so I'll gladly sell there with no regrets." If you're suggesting Mike had a longstanding GTC sell order for MNKD at $4 (which is one of the two scenarios i presented in my "long convoluted" posts), then that certainly tells us some relevant and important info, dontcha think?? |
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Post by standup on Dec 18, 2023 17:37:20 GMT -5
These were planned sales filed this past September and a year ago December. As such, I don't believe he has control over sales dates or prices but I could be wrong about that. These sales were handled in accordance with a Rule 10b5-1 Plan.
A little research turned up this: Rule 10b5-1 allows insiders to sell company stock by setting up a predetermined plan that specifies in advance the share price, amount, and transaction date. The insider selling the stock and the broker carrying out the transaction must certify that they are not aware of any material nonpublic information (MNPI).
It probably means share price or transaction date. It would be virtually impossible to align the two. He sold shares on Thursday and Friday.
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Post by prcgorman2 on Dec 18, 2023 17:49:52 GMT -5
Have you ever used a GTC order? They're GTC for a reason. It's because the buyer/seller can't guess when something will reach a price. I've used GTC orders. Not a big fan of them really. I'd rather rely on more day-to-day info, because sometimes a GTC order can mean lost profits. For example, a GTC sell order might execute because something so wonderful has been announced, but now you've missed much of the upside because your GTC sell order triggered at the lower price. GTC sell order can make sense if you set the price so high you think "if my shares get to that price point I'd be crazy not to sell, so I'll gladly sell there with no regrets." If you're suggesting Mike had a longstanding GTC sell order for MNKD at $4 (which is one of the two scenarios i presented in my "long convoluted" posts), then that certainly tells us some relevant and important info, dontcha think?? Nope. I can't seem to convince you things are probably on the up and up and I know you and awesomo can't convince me there is "f-----y afoot", and I'll leave it at that.
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Post by cretin11 on Dec 18, 2023 18:16:09 GMT -5
I know your MO is to tenaciously defend mc at any length, but it’s blinding you to my question. I even agreed with you probably nothing improper about mike’s 200 thousand share sale (did you miss that?).
So then why did he sell so much at $4, when the price had been dancing around $3.50, and what does that tell us? Is it unreasonable to deduce he believes $4 is a wise price point to sell, and should that make anyone feel good? I’m not stating anything as fact, just asking the question.
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(sarcasm)
