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

Key Points

• On Tuesday, investors purchased 4,972 call options for MannKind Corporation, marking a 262% increase from the typical daily volume of 1,373 call options.
• Director Steven B. Binder sold 75,367 shares of MannKind stock, resulting in an 8.32% decrease in his ownership position, which now totals 830,508 shares valued at over $3.27 million.
• Several analysts have rated MannKind positively, with HC Wainwright setting a price target of $9.00, leading to an average target price of $9.50 across the market.

MannKind Corporation (NASDAQ:MNKD - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock investors acquired 4,972 call options on the stock. Thisrepresentsanincreaseofapproximately262% compared to the average daily volume of 1,373 call options.

Insider Activity

In other news, Director Steven B. Binder sold 75,367 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $3.94, for a total value of $296,945.98. Following the completion of the transaction, the director owned 830,508 shares in the company, valued at approximately $3,272,201.52. This represents a 8.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On MannKind

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of MannKind by 7.9% in the first quarter. Vanguard Group Inc. now owns 17,322,179 shares of the biopharmaceutical company's stock valued at $87,131,000 after acquiring an additional 1,263,622 shares in the last quarter. Geode Capital Management LLC lifted its position in MannKind by 12.3% in the second 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. Millennium Management LLC boosted its holdings in MannKind by 68.9% in the 1st quarter. Millennium Management LLC now owns 5,822,590 shares of the biopharmaceutical company's stock valued at $29,288,000 after purchasing an additional 2,375,198 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in MannKind by 23.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,269,063 shares of the biopharmaceutical company's stock worth $27,450,000 after purchasing an additional 798,469 shares during the period. Finally, Qube Research & Technologies Ltd raised its stake in shares of MannKind by 25.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 4,065,904 shares of the biopharmaceutical company's stock worth $15,206,000 after buying an additional 825,608 shares in the last quarter. Hedge funds and other institutional investors own 49.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MNKD. Royal Bank Of Canada boosted their price target on shares of MannKind from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Tuesday, August 26th. Wall Street Zen cut MannKind from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. HC Wainwright upped their target price on MannKind from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Wells Fargo & Company raised their price target on MannKind from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $10.00.

MannKind Stock Performance

MannKind stock traded down $0.17 during mid-day trading on Thursday, reaching $5.34. 5,609,351 shares of the company were exchanged, compared to its average volume of 5,034,059. The firm's 50-day simple moving average is $3.96 and its two-hundred day simple moving average is $4.44. MannKind has a twelve month low of $3.38 and a twelve month high of $7.63. The firm has a market cap of $1.64 billion, a PE ratio of 48.55 and a beta of 1.02.

MannKind (NASDAQ:MNKD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. MannKind had a negative return on equity of 32.60% and a net margin of 10.87%.The business had revenue of $76.53 million during the quarter, compared to analysts' expectations of $77.82 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. The company's quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities research analysts anticipate that MannKind will post 0.1 EPS for the current year.

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.