MannKind Shares Rise On Inhalable Insulin Outlook

NEW YORK (AP) — Shares of MannKind Corp. surged to a new 52-week peak Monday after the company reported positive study data for its inhalable insulin candidate Afresa and said it started developing a new inhalable medication system.

The stock gained $1.06, or 15 percent, to $8.12 in afternoon trading. The shares blew past their previous 52-week high of $7.60, reaching $9.25 earlier in Monday's session.

The new system is aimed making powdered versions of pharmaceuticals inhalable and will be used in the development of the inhalable insulin Afresa. In a late-stage study, the Valencia, Calif.-based company said Afresa showed to be comparable to injectable insulin.

The Food and Drug Administration is reviewing the company's marketing application for Afresa.

Rodman & Renshaw analyst Simos Simeonidis reaffirmed a "market outperform" rating on MannKind and $14 price target, citing the likelihood that Afresa will be a top inhalable insulin on the market, with blockbuster potential. He also expects the company to secure a worldwide partner for the drug over the summer and that Afresa will likely be approved next spring.