Shares of Mannkind (MNKD -8%) slides today on no specific news catalyst.
The September 5 puts are seeing heightened interest on the move lower by the underlying shares.
Over 10.2K contracts have traded so far - with the majority of today's volume occurring in one single transaction - versus open interest of 1.1K.
The move has pushed implied volatility up around 14 points to around 195%
Of note: Data from its Phase 3 study of Afrezza is expected later this summer.