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MannKind Stock Soars on Afrezza news

Posted: April 2, 2014 5:31 p.m.
Updated: April 2, 2014 5:31 p.m.
 

A day after a Food and Drug Administration committee recommended that the FDA approve MannKind Corp.’s diabetic treatment, Afrezza, shares of the Santa Clarita company’s stock jumped dramatically in trading Wednesday.

Prior to the panel’s suggestion Tuesday, shares of MannKind stock had dropped to $4.02 per share as jittery investors traded last week, driving the price down from its 2014 high of $6.54 a share in late February.

Previously, MannKind’s stock had been climbing throughout 2013 and into this year as the company conducted its final phases of clinical trials.

After the FDA recommendation was announced Tuesday, however, stock prices climbed as high as $8.55 Wednesday.

At close of trading, shares of MannKind’s stock stood at $6.99 following heavy trading.

After-hours trading was pushing stock prices even higher.

The community of traders and analysts ranked the biomedical firm’s outlook as “bullish,” according to Nasdaq.

 

 

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