MannKind Sees Unusually High Options Volume (NASDAQ:MNKD)

MannKind Corporation (NASDAQ:MNKD) was the target of unusually large options trading activity on Wednesday. Stock investors purchased 3,175 call options on the stock. This is an increase of 140% compared to the typical volume of 1,324 call options.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of MannKind from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Royal Bank Of Canada lowered their price objective on shares of MannKind from $8.00 to $7.50 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. HC Wainwright restated a “buy” rating and issued a $11.00 target price on shares of MannKind in a report on Wednesday. Truist Financial set a $9.00 target price on shares of MannKind in a research note on Monday, November 24th. Finally, Leerink Partners began coverage on MannKind in a report on Thursday, November 13th. They set an “outperform” rating and a $7.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.06.

MannKind Price Performance

Shares of MannKind stock opened at $3.50 on Thursday. MannKind has a 1-year low of $3.29 and a 1-year high of $6.51. The company’s fifty day simple moving average is $5.66 and its 200-day simple moving average is $5.37. The stock has a market capitalization of $1.07 billion, a PE ratio of 35.00 and a beta of 0.84.

Insider Activity at MannKind

In other news, CEO Michael Castagna sold 107,920 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $5.57, for a total transaction of $601,114.40. Following the sale, the chief executive officer owned 2,504,792 shares in the company, valued at $13,951,691.44. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stuart A. Tross sold 47,006 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $6.33, for a total transaction of $297,547.98. Following the completion of the transaction, the insider owned 985,007 shares of the company’s stock, valued at approximately $6,235,094.31. The trade was a 4.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 262,846 shares of company stock worth $1,546,840. Insiders own 2.70% of the company’s stock.

Institutional Trading of MannKind

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Calamos Advisors LLC purchased a new position in MannKind during the third quarter valued at approximately $1,240,000. Los Angeles Capital Management LLC increased its stake in shares of MannKind by 68.3% in the second quarter. Los Angeles Capital Management LLC now owns 437,316 shares of the biopharmaceutical company’s stock worth $1,636,000 after purchasing an additional 177,440 shares in the last quarter. Geode Capital Management LLC raised its position in shares of MannKind by 12.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,617,583 shares of the biopharmaceutical company’s stock valued at $28,494,000 after purchasing an additional 831,478 shares during the period. 180 Wealth Advisors LLC lifted its stake in shares of MannKind by 11.2% during the 3rd quarter. 180 Wealth Advisors LLC now owns 2,872,286 shares of the biopharmaceutical company’s stock valued at $15,424,000 after buying an additional 290,276 shares in the last quarter. Finally, TSP Capital Management Group LLC boosted its holdings in MannKind by 7.2% in the 2nd quarter. TSP Capital Management Group LLC now owns 2,982,575 shares of the biopharmaceutical company’s stock worth $11,155,000 after buying an additional 201,225 shares during the period. Hedge funds and other institutional investors own 49.55% of the company’s stock.

MannKind Company Profile

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.