Investors Purchase High Volume of MannKind Call Options (NASDAQ:MNKD)

MannKind Co. (NASDAQ:MNKD) was the target of unusually large options trading activity on Tuesday. Stock investors bought 3,498 call options on the company. This is an increase of approximately 92% compared to the typical daily volume of 1,818 call options.

MannKind Price Performance

MNKD traded down $0.13 during trading hours on Tuesday, reaching $6.89. The company’s stock had a trading volume of 361,996 shares, compared to its average volume of 2,672,224. The stock has a market cap of $1.90 billion, a PE ratio of 98.43 and a beta of 1.28. MannKind has a fifty-two week low of $3.17 and a fifty-two week high of $7.63. The business’s 50-day moving average is $6.77 and its 200-day moving average is $6.06.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MNKD shares. Oppenheimer increased their target price on MannKind from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Leerink Partners began coverage on shares of MannKind in a research note on Monday, September 9th. They set an “outperform” rating and a $8.00 target price for the company. StockNews.com lowered shares of MannKind from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, December 19th. Finally, Leerink Partnrs raised MannKind to a “strong-buy” rating in a research note on Monday, September 9th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $8.88.

Insider Transactions at MannKind

In related news, insider Stuart A. Tross sold 55,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total transaction of $403,700.00. Following the sale, the insider now owns 967,191 shares in the company, valued at approximately $7,099,181.94. This trade represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven B. Binder sold 67,536 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $6.89, for a total transaction of $465,323.04. Following the completion of the transaction, the director now owns 1,075,026 shares of the company’s stock, valued at approximately $7,406,929.14. This trade represents a 5.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 190,075 shares of company stock valued at $1,325,587 in the last 90 days. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MannKind

A number of hedge funds have recently modified their holdings of MNKD. Bank of New York Mellon Corp lifted its position in MannKind by 14.4% in the second quarter. Bank of New York Mellon Corp now owns 915,248 shares of the biopharmaceutical company’s stock valued at $4,778,000 after buying an additional 115,390 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of MannKind by 6.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock worth $357,000 after acquiring an additional 3,861 shares during the last quarter. Rhumbline Advisers boosted its position in shares of MannKind by 5.2% during the 2nd quarter. Rhumbline Advisers now owns 397,194 shares of the biopharmaceutical company’s stock worth $2,073,000 after purchasing an additional 19,675 shares during the period. Meeder Asset Management Inc. acquired a new stake in MannKind in the 2nd quarter valued at approximately $55,000. Finally, Dimensional Fund Advisors LP purchased a new stake in MannKind in the second quarter valued at approximately $1,524,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

MannKind Company Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults.