OPC,

You may end up correct. My experience with warrants has been significantly influenced by expiration. There is no other market when the expiration date approaches. With the current options market there is usually the next expiration availability around the corner to allow for a trade. It can allow for option rollover for a very long time - into the production phase for MNKD if we are fortunate.

For the market situation today (buy/sell in current time frame), an advantage for the warrants may exist due to the smaller volume of warrants available (not sure of quantity) and the extra duration (2016 vs. 2014/2015).

Let's hope we don't end up waiting to 2016 for a positive FDA decision.