MannKind Target of Unusually Large Options Trading (NASDAQ:MNKD)

MannKind Corporation (NASDAQ:MNKD) saw some unusual options trading on Wednesday. Stock traders bought 3,175 call options on the company. This is an increase of approximately 140% compared to the typical volume of 1,324 call options.

MannKind Stock Performance

MNKD stock traded down $2.05 during trading on Wednesday, hitting $3.50. The stock had a trading volume of 10,737,104 shares, compared to its average volume of 3,571,914. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 35.21 and a beta of 0.84. The company’s 50 day moving average price is $5.71 and its two-hundred day moving average price is $5.38. MannKind has a 1-year low of $3.36 and a 1-year high of $6.51.

Insiders Place Their Bets

In other MannKind news, CEO Michael Castagna sold 107,920 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $5.57, for a total transaction of $601,114.40. Following the transaction, the chief executive officer directly owned 2,504,792 shares in the company, valued at approximately $13,951,691.44. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stuart A. Tross sold 47,006 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the transaction, the insider owned 985,007 shares in the company, valued at $6,235,094.31. The trade was a 4.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 262,846 shares of company stock worth $1,546,840. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of MannKind

Hedge funds have recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV acquired a new stake in shares of MannKind in the fourth quarter worth approximately $70,000. Voloridge Investment Management LLC boosted its holdings in shares of MannKind by 50.8% in the 4th quarter. Voloridge Investment Management LLC now owns 1,861,046 shares of the biopharmaceutical company’s stock valued at $10,552,000 after purchasing an additional 626,878 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of MannKind in the 4th quarter valued at $182,000. Polymer Capital Management US LLC purchased a new stake in shares of MannKind during the 4th quarter valued at $168,000. Finally, Man Group plc increased its holdings in shares of MannKind by 80.9% during the 4th quarter. Man Group plc now owns 178,494 shares of the biopharmaceutical company’s stock worth $1,012,000 after buying an additional 79,843 shares during the last quarter. Institutional investors and hedge funds own 49.55% of the company’s stock.

Wall Street Analyst Weigh In

MNKD has been the topic of several research reports. HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of MannKind in a report on Monday, January 26th. Zacks Research lowered shares of MannKind from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Weiss Ratings restated a “hold (c)” rating on shares of MannKind in a report on Thursday, January 22nd. Wells Fargo & Company reduced their price target on shares of MannKind from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Finally, Leerink Partners started coverage on shares of MannKind in a research report on Thursday, November 13th. They issued an “outperform” rating and a $7.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, MannKind presently has an average rating of “Moderate Buy” and a consensus target price of $10.06.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company’s core business revolves around its proprietary Technosphere® drug?delivery platform, which is designed to enable rapid absorption of small?molecule drugs through pulmonary administration. MannKind’s lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid?acting alternative to traditional injectable insulins.

Afrezza received U.S.