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Most Active Options Update: MannKind Corporation (MNKD)

MannKind Corporation option bulls are betting on a strong performance this week

by 8/18/2014 10:50 AM
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The 20 stocks listed in the table below have attracted the highest total options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. One name of notable interest is MannKind Corporation (NASDAQ:MNKD), as call volume on the biotech stock is elevated to start the week.

Most Active Options Table

More than 9,600 calls changed hands on MannKind Corporation during the first hour of today's session, representing 1.14 times the expected intraday volume. The most active option is the weekly 8/22 7-strike call, where 2,421 contracts have crossed the tape.

With only 778 contracts in open interest at this short-term option, it's safe to assume new calls are being opened here today. Plus, 77% of the volume has traded at the ask price, and implied volatility rose as some of the day's big block trades changed hands -- so it looks as though speculative players are initiating new bullish bets on MNKD today.

Based on the option's volume-weighted average price (VWAP) of $0.21, breakeven at this Friday's close will be $7.21 (strike price plus VWAP). At last check, MNKD is up 2.6% to trade at $7.04, so today's short-term option bulls are betting on the shares to gain more than 2.4% by week's end.

Last week brought some major fundamental developments for MNKD, including a deal with Sanofi SA (ADR) (NYSE:SNY) that could be worth up to $925 million. That news helped to overshadow a wider-than-forecast second-quarter loss for MNKD.

On the charts, MannKind Corporation (NASDAQ:MNKD) is in the process of bouncing from its 200-day moving average. The stock could now be establishing support atop the $7 level, which previously served as resistance back in April.


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