Traders Purchase High Volume of MannKind Corporation Put Options (MNKD)
MannKind Corporation (NASDAQ:MNKD) was the target of unusually large options trading activity on Wednesday. Stock traders acquired 7,250 put options on the stock. This is an increase of approximately 533% compared to the typical daily volume of 1,145 put options.
MannKind Corporation (NASDAQ MNKD) opened at 5.03 on Friday. The firm has a 50-day moving average of $2.17 and a 200-day moving average of $1.53. MannKind Corporation has a 52 week low of $0.67 and a 52 week high of $6.51. The company has a market cap of $526.55 million, a price-to-earnings ratio of 3.79 and a beta of 3.16.
MannKind Corporation (NASDAQ:MNKD) last posted its earnings results on Monday, August 7th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.10). The company had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $2.75 million. MannKind Corporation had a net margin of 71.60% and a negative return on equity of 24.93%. During the same period in the previous year, the firm earned $0.08 EPS. Equities analysts forecast that MannKind Corporation will post ($0.94) earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of the business. Balyasny Asset Management LLC purchased a new position in MannKind Corporation during the 2nd quarter valued at about $568,000. LMR Partners LLP purchased a new position in MannKind Corporation during the 2nd quarter valued at about $352,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in MannKind Corporation by 20.1% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 588,520 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 98,520 shares in the last quarter. Finally, KCG Holdings Inc. grew its holdings in MannKind Corporation by 268.0% during the 1st quarter. KCG Holdings Inc. now owns 147,952 shares of the biopharmaceutical company’s stock valued at $219,000 after buying an additional 107,752 shares in the last quarter. 15.67% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the stock. Maxim Group reissued a “buy” rating on shares of MannKind Corporation in a research note on Friday, September 1st. ValuEngine lowered shares of MannKind Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research lowered shares of MannKind Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $0.92.
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About MannKind Corporation
MannKind Corporation is a biopharmaceutical company. The Company is focused on the discovery and development of therapeutic products for diseases, such as diabetes. Its product candidate is AFREZZA, which is an inhaled insulin used to control high blood sugar in adults with type I and type II diabetes and helps in glycemic control.
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