MannKind Shares Rise on New Studies

Shares of MannKind Corp. (MNKD) jumped nearly 17 percent on Monday, following positive data presented at an American Diabetes Association event about the company’s flagship product, Afrezza. Data found the inhalable insulin drug to have weight loss side effects for those with Type 2 diabetes, minimal changes in pulmonary function for those taking the drug, and that dosing for Type 1 diabetes patients is “safe and effective,” MannKind said in a statement. “These studies … offer important insights on effective dosing of Afrezza, the favorable effect of Afrezza on body weight, and the improvement in clinical outcomes possible when converting patients to Afrezza therapy,” added Dr. David Kendall, chief medical officer of MannKind. At market close, shares of the Westlake Village company settled at $1.66, an increase of 24 cents, or 16.9 percent, on the Nasdaq.