MannKind Corporation (NASDAQ:MNKD) announced that Steven Binder has joined the company as its Chief Financial Officer with full responsibilities for leading MannKind’s finance, accounting, and investor relations organization on a global basis, effective immediately. Mr. Binder will report directly to Michael Castagna, Pharm.D., Chief Executive Officer and will join the company’s executive leadership team.
Mr. Binder joins MannKind with over 25 years of experience in the healthcare industry. He most recently spent four years at Stryker Corporation, a leading global medical technology company, where he served as Vice President and Chief Financial Officer for Stryker’s International Group, based in Singapore. Prior to Stryker, Mr. Binder served in a series of senior leadership roles at Bristol-Myers Squibb Company, an innovative global biopharmaceutical company. His last four positions at BMS were Vice President, Finance roles over different geographic operating units: United States (2012-2013), Europe (2008-2011), AsiaPacific (2005-2007), and Japan (2003-2005). Prior to his international experience, Mr. Binder served in three senior leadership roles for Oncology Therapeutics Network, a U.S. based independent subsidiary of BMS: Vice President, Strategic Development (2001-2003), Vice President, Customer Operations (2000-2001), and Chief Financial Officer (1997-2000). Before OTN, Mr. Binder progressed through three finance and accounting roles for BMS Worldwide Medicines Group after joining the company in 1992. Before BMS, he worked for Deloitte & Touche in a series of auditing roles with increasing responsibility over an eight year period beginning in 1984. Mr. Binder received a B.S. degree in Accounting and Business Administration from Muhlenberg College and is a Certified Public Accountant.
“We are very excited to have Steve join MannKind and our executive leadership team. His deep experience in finance and his commercial acumen acquired through a variety of senior leadership roles in multi-national healthcare companies will be a clear competitive advantage for us,” said Dr. Castagna, Chief Executive Officer of MannKind. “Steve joins MannKind at an exciting period as we develop into a world class biopharmaceutical company.” Dr. Castagna continued, “I would like to thank Rose Alinaya for her leadership as Acting Chief Financial Officer prior to Steve’s hiring. Rose will now transition to leading investor relations for MannKind, a very important capability for us moving forward, reporting directly to Steve.”
Mr. Binder commented, “MannKind is well-positioned for future growth and I could not be more excited about being a part of this team. I believe Afrezza is an innovative product with great potential to improve the quality of life for diabetic patients.”
Shares of MannKind are currently trading at $1.32, up $0.04 or 3.05%. MNKD has a 1-year high of $5.10 and a 1-year low of $0.67. The stock’s 50-day moving average is $1.45 and its 200-day moving average is $1.16.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on May 11, J.P. Morgan analyst Cory Kasimov reiterated a Sell rating on MNKD. Separately, Piper Jaffray’s Joshua Schimmer reiterated a Sell rating on the stock and has a price target of $0.54.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cory Kasimov and Joshua Schimmer have a yearly average return of 0.8% and 0.8% respectively. Kasimov has a success rate of 40% and is ranked #2300 out of 4599 analysts, while Schimmer has a success rate of 48% and is ranked #2165.
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.