MannKind Sees Unusually High Options Volume (NASDAQ:MNKD)

MannKind Co. (NASDAQ:MNKD) saw unusually large options trading on Tuesday. Stock traders bought 3,498 call options on the company. This represents an increase of 92% compared to the typical daily volume of 1,818 call options.

MannKind Trading Down 4.0 %

Shares of MannKind stock opened at $6.74 on Wednesday. The company has a fifty day simple moving average of $6.77 and a 200-day simple moving average of $6.07. MannKind has a 12-month low of $3.17 and a 12-month high of $7.63. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 96.29 and a beta of 1.28.

Insiders Place Their Bets

In other MannKind news, insider Stuart A. Tross sold 55,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $7.34, for a total value of $403,700.00. Following the completion of the transaction, the insider now owns 967,191 shares in the company, valued at $7,099,181.94. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven B. Binder sold 67,536 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $6.89, for a total value of $465,323.04. Following the sale, the director now directly owns 1,075,026 shares in the company, valued at $7,406,929.14. This 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 worth $1,325,587 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On MannKind

Several large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of MannKind by 22.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,946 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 1,816 shares in the last quarter. National Bank of Canada FI increased its position in MannKind by 14.8% during the third quarter. National Bank of Canada FI now owns 21,553 shares of the biopharmaceutical company’s stock worth $136,000 after buying an additional 2,783 shares during the period. AQR Capital Management LLC lifted its stake in MannKind by 8.1% in the second quarter. AQR Capital Management LLC now owns 42,730 shares of the biopharmaceutical company’s stock valued at $223,000 after buying an additional 3,214 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in MannKind by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 101,435 shares of the biopharmaceutical company’s stock valued at $529,000 after buying an additional 3,374 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of MannKind by 6.0% in the second quarter. Commonwealth Equity Services LLC now owns 68,361 shares of the biopharmaceutical company’s stock valued at $357,000 after acquiring an additional 3,861 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MNKD shares. StockNews.com downgraded MannKind from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. Leerink Partnrs upgraded shares of MannKind to a “strong-buy” rating in a research note on Monday, September 9th. Oppenheimer lifted their price target on shares of MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Leerink Partners began coverage on shares of MannKind in a research report on Monday, September 9th. They issued an “outperform” rating and a $8.00 price objective on the stock. Finally, Royal Bank of Canada raised shares of MannKind from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.88.

About MannKind

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.