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Traders have adopted some strong opinions on networking issue Ciena Corporation (NASDAQ:CIEN - 17.05), biotech stock MannKind Corporation (NASDAQ:MNKD - 2.16), and image-sensor specialist OmniVision Technologies, Inc. (NASDAQ:OVTI - 14.60), according to data from the major options exchanges. In recent weeks, traders have been scooping up calls on MNKD and OVTI at an accelerated clip, while puts have emerged as the options of choice on CIEN. Here's a closer look at the latest trends in the options pits for these three hot stocks.

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Turning to MNKD, options traders on the CBOE have bought to open 2,048 calls over the past five sessions, compared to just 1 single put. This activity appears to be part of a broader trend toward bullish bets, as evidenced by the biotech's 10-day ISE/CBOE/PHLX call/put volume ratio of 84.49. This ratio arrives in the 94th percentile of its annual range, suggesting that traders have favored calls over puts by a wider margin only 6% of the time during the past year.

Along the same lines, MNKD sports a 50-day ISE/CBOE/PHLX call/put volume ratio of 20.48, as optimistically slanted options have been more than 20 times as popular as their pessimistic counterparts over the past few months. This ratio ranks in the 79th annual percentile, confirming a growing preference for calls over puts.

What's more, the Schaeffer's put/call open interest ratio (SOIR) checks in at 0.37, as calls nearly triple puts among options slated to expire within three months. This SOIR ranks below 66% of comparable readings taken over the past year, revealing that short-term options traders have been more call-heavy only 34% of the time.

With MNKD trading around $2 per share, though, it's not too surprising to see a general lack of interest in put options. While strikes are available all the way down to $0.50, the profit potential on a downside move from here is inherently limited.

Plus, with short interest on MNKD ballooning by roughly 32% over the past two reporting periods, it's entirely possible that traders are buying calls to hedge their shorted shares, rather than to bet bullishly on the stock.

Technically speaking, MNKD is off 13.6% so far in 2012, and recently slipped back below resistance at its 10-week and 20-week moving averages. Traders should stay tuned to the stock this week, as second-quarter earnings are due out ahead of Tuesday's opening bell. Analysts are looking for a loss of 25 cents per share, on average, which would mark an improvement from last year's deficit of 37 cents per share

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