Markets

MannKind Hits 52-Week High - Analyst Blog

An image of a globe with financial data surrounding it
Credit: Shutterstock photo

Shares of MannKind Corp. ( MNKD ) hit a 52-week high of $11.11 during the trading session on Jun 5. MannKind subsequently closed the trading session at $10.04.

With more than 93% of year-to-date return, this biopharma stock looks attractive, as the U.S. Food and Drug Administration's (FDA) target date of Jul 15 on its lead candidate, Afrezza, draws nearer. The average volume of shares traded over the last three months stands at approximately 10,550 K.

Growth Drivers

This Zacks Rank #3 (Hold) stock has been flying high ever since it received a positive opinion from the FDA's Endocrinologic and Metabolic Drugs Advisory Committee on Apr 1 regarding the approval of Afrezza to improve glycemic control in adults with type I and type II diabetes. Shares have soared almost 150% since then.

While the panel unanimously recommended (14-0) the approval of Afrezza in the U.S to improve glycemic control in adults with type II diabetes, it voted 13-1 in favour of Afrezza to improve glycemic control in adults with type I diabetes. MannKind is finally hoping to see Afrezza in the market after being through a number of regulatory setbacks. The FDA had previously issued two complete response letters for the diabetes candidate.

However, the FDA had stated in its briefing document prior to the panel vote that although the candidate demonstrated statistically superior HbA1c reduction compared to placebo, it failed to demonstrate a higher HbA1c reduction compared to Novo Nordisk 's ( NVO ) NovoLog in type I diabetes patients. Moreover, the FDA was concerned with the observed safety findings on Afrezza including pulmonary safety, lung cancer risk and disease specific safety issues.

We expect investor focus to remain on the approval of Afrezza. Marketing approval of Afrezza will come as a huge boost for the company.

Other Stocks to Consider

Some better-ranked stocks in the same sector include Gilead Sciences Inc. ( GILD ) and Alexion Pharmaceuticals, Inc. ( ALXN ). While Gilead holds a Zacks Rank #1 (Strong Buy), Alexion carries a Zacks Rank #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

MANNKIND CORP (MNKD): Free Stock Analysis Report

ALEXION PHARMA (ALXN): Free Stock Analysis Report

GILEAD SCIENCES (GILD): Free Stock Analysis Report

NOVO-NORDISK AS (NVO): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MNKD GILD ALXN NVO

Other Topics

Stocks

Latest Markets Videos

    Zacks

    Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

    Learn More