Stock Traders Buy High Volume of Call Options on MannKind (NASDAQ:MNKD)

MannKind Co. (NASDAQ:MNKD) was the target of some unusual options trading on Thursday. Investors acquired 3,211 call options on the stock. This is an increase of 63% compared to the typical volume of 1,971 call options.

MannKind Trading Down 1.2 %

Shares of MNKD traded down $0.07 during midday trading on Thursday, reaching $5.15. The stock had a trading volume of 572,178 shares, compared to its average volume of 2,078,818. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 73.50 and a beta of 1.27. The company’s 50-day moving average is $5.73 and its 200 day moving average is $6.27. MannKind has a 12-month low of $3.97 and a 12-month high of $7.63.

MannKind (NASDAQ:MNKD) last issued its earnings results on Wednesday, February 26th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $76.78 million during the quarter, compared to analyst estimates of $74.99 million. MannKind had a negative return on equity of 17.74% and a net margin of 8.07%. Research analysts forecast that MannKind will post 0.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MNKD. Wedbush reissued an “outperform” rating and set a $11.00 target price on shares of MannKind in a report on Thursday, February 27th. StockNews.com raised MannKind from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Wells Fargo & Company began coverage on MannKind in a report on Friday, December 20th. They set an “overweight” rating and a $9.00 target price for the company. Finally, Royal Bank of Canada upgraded MannKind from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $7.00 to $10.00 in a research report on Thursday, December 19th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, MannKind presently has an average rating of “Buy” and a consensus price target of $9.21.

Hedge Funds Weigh In On MannKind

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp boosted its position in MannKind by 146.6% during the fourth quarter. Mackenzie Financial Corp now owns 80,218 shares of the biopharmaceutical company’s stock valued at $516,000 after buying an additional 47,690 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of MannKind in the 4th quarter valued at about $37,000. Focus Partners Advisor Solutions LLC purchased a new stake in MannKind during the 4th quarter valued at about $111,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in MannKind by 7.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 617,670 shares of the biopharmaceutical company’s stock worth $3,972,000 after acquiring an additional 41,142 shares during the last quarter. Finally, Waverly Advisors LLC purchased a new position in MannKind in the 4th quarter worth approximately $72,000. Institutional investors own 49.55% of the company’s stock.

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.