MannKind's stock rockets on heavy volume for third-straight session
MannKind Corp.'s stock (MNKD) rocketed Thursday on very heavy volume, putting it on track to post a third-straight 20+% gain, after the Food and Drug Administration updated prescribing information for the company's diabetes treatment to include data on rapid onset of activity. The stock ran up 32.2% in afternoon trade toward a 14-month high. Volume ballooned to 62.5 million shares, which is about 13 times the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The stock had shot up 25.5% on Wednesday on volume of 19.0 million shares, and soared 20.5% on Tuesday on volume of 12.9 million shares. On Monday, the stock rose 7.8% on volume of 9.3 million shares, after the company revealed the FDA's update. The company did not immediately respond to a request for comment. The label now shows that first measurable effects of the inhaled insulin started in 12 minutes, with peak effects about 35 minutes to 45 minutes after and a return to baseline about 1 1/2 hours to 3 hours later. The stock has now hiked up 116% this week. It was now up 47% year to date, while the S&P 500 has gained 14%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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