MannKind Sees Unusually High Options Volume (NASDAQ:MNKD)

MannKind Co. (NASDAQ:MNKD) saw some unusual options trading on Tuesday. Stock traders acquired 3,498 call options on the stock. This is an increase of 92% compared to the typical volume of 1,818 call options.

Analyst Ratings Changes

Several research firms have commented on MNKD. Wells Fargo & Company began coverage on shares of MannKind in a report on Friday. They set an “overweight” rating and a $9.00 price target for the company. Oppenheimer boosted their target price 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 Partnrs upgraded MannKind to a “strong-buy” rating in a research note on Monday, September 9th. StockNews.com cut MannKind from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. Finally, Royal Bank of Canada raised MannKind from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $7.00 to $10.00 in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $8.88.

MannKind Stock Down 1.9 %

MNKD traded down $0.13 during trading on Tuesday, hitting $6.89. 361,996 shares of the stock were exchanged, compared to its average volume of 2,672,224. MannKind has a 1-year low of $3.17 and a 1-year high of $7.63. The stock has a fifty day moving average price of $6.77 and a two-hundred day moving average price of $6.06. The firm has a market capitalization of $1.90 billion, a P/E ratio of 98.43 and a beta of 1.28.

Insider Buying and Selling at MannKind

In other news, insider Stuart A. Tross sold 55,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was 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 of the company’s stock, valued at approximately $7,099,181.94. This represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven B. Binder sold 67,536 shares of MannKind stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $6.89, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 190,075 shares of company stock valued at $1,325,587 in the last three months. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MannKind

A number of institutional investors have recently modified their holdings of MNKD. State Street Corp grew its position in MannKind by 0.4% during the 3rd quarter. State Street Corp now owns 9,597,137 shares of the biopharmaceutical company’s stock worth $60,366,000 after purchasing an additional 40,338 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of MannKind by 0.4% during the third quarter. Geode Capital Management LLC now owns 6,338,928 shares of the biopharmaceutical company’s stock worth $39,880,000 after buying an additional 24,031 shares during the period. Millennium Management LLC grew its holdings in shares of MannKind by 189.8% during the second quarter. Millennium Management LLC now owns 4,744,519 shares of the biopharmaceutical company’s stock worth $24,766,000 after buying an additional 3,107,598 shares during the last quarter. Parkman Healthcare Partners LLC increased its position in MannKind by 37.1% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 3,304,085 shares of the biopharmaceutical company’s stock valued at $20,783,000 after acquiring an additional 894,486 shares during the period. Finally, Two Sigma Advisers LP raised its stake in MannKind by 60.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,648,327 shares of the biopharmaceutical company’s stock valued at $16,658,000 after acquiring an additional 1,000,600 shares during the last quarter. 49.55% of the stock is owned by institutional investors and hedge funds.

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.