What is CFO, Pfeffer, doing selling 10K shares @$8?
I don't care if it is labeled as a 10B5-1 plan sell, because a 10B5-1 plan sell or buy can be paused, upsized, or downsized with some written notice. Why is the MNKD CFO selling 10K or his 93,654 shares at $8.00 on 8/1/2013? There was no pressing time issue on these options. They have been exercisable at $2.86 since 2009 and do not expire until 2018.
Let's assume he knows the trial results data, whether good or bad. If he does not sell according to his 10B5-1 schedule and the data is positive, he could be accused of insider trading. If he does not sell according to his 10B5-1 schedule and the data is negative, he knows he will likely lose a lot or all of his $80K gain from the 10B5-1 sale on 8/1/2013. Since the 10B5-1 schedule is already in motion, he just lets it happen as planned. Thus there can be no claim of any wrong doing. Now let's assume he does not know the trial results data as of 8/1/2013, then either of the two cases above still apply because he won't have to prove he did or did not know the results of the trials on 8/1/2013. The CFO appears to have done the right thing to protect himself.
He bought a vacation home for 400k and put 20% down.....I heard it was a pretty nice place on Catalina Island...guess he's got some well deserved vacation time coming soon after putting the Deerfield deal in place.