Momentum Pushes MannKind Up 25 Percent

Riding the momentum of last week’s gains, MannKind Corp. closed up again more than 25 percent Tuesday. The Westlake Village biotech has enjoyed an extended run since Oct. 2, when the company announced that the U.S. Food & Drug Administration’s update on prescribing information for Afrezza, the company’s sole commercial product. Since the announcement, the company’s shares have increased more than 200 percent. The FDA label update includes dosage strength over time and clarity around mealtime guidelines. Michael Castagna, chief executive of MannKind, said the label change will help the company demonstrate the advantages if Afrezza, an inhalable insulin compared to traditional insulin. “We got a phenomenal label now that shows by dose, what this drug can do for the patients,” said Castagna, speaking to attendees at a recent Bio Science Alliance event last Thursday. “It’s a major pivoting point.” On Tuesday shares of MannKind (MNKD) closed up $1.38, or more than 25 percent, at $6.71 on the Nasdaq.