Chad, I think vd's response makes some sense. Also, another way one might look at it is that the bear/bull thing that you describe happens on both sides, so if you assume approximately the same number do both, then the overall ratio is a good approximation of bullishness/bearishness on an issue. Again, on a developmental biotech with potentially binary news coming, I don't find it at all unusual that the call buying is much stronger than the put buying. The real put buyers will wait for the PDUFA date, IMO, why take a chance on results, if you really think the FDA will screw the company one way or the other, even with decent results. Don't forget, the FDA could pull a Colombo and ask for "just one more thing" come PDUFA time, wouldn't be as bad as a "forget it Al" response, but surely would be devastating.

I continue to believe that the third time will be the charm for MNKD, Al and the shareholders, not to mention the millions of Afrezzauser types out there!