This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MannKind Soars on FDA Committee Vote, Investors Bet On Drug Approval: StockTwits.com

NEW YORK (TheStreet) -- -- Diabetics will soon be able to inhale their medication instead of relying on insulin shots. And the news has MannKind (MNKD) investors breathing easy this morning.

Shares of the biotech firm opened 93% higher after a U.S. Food and Drug Administration committee voted unanimously to recommend its Afrezza inhaled insulin to treat people with type 2 diabetes. All except one of the committee members voted to approve Afrezza for type 1 diabetes. The recommendations of the Endocrinologic and Metabolic Drug Advisory Committee weigh heavily in FDA decisions. The drug-approval board has until April 15 to finish its Afrezza review and decide on final approval.

On Wednesday, many investors on StockTwits.com said approval was now a foregone conclusion. Sentiment is 96% bullish, according to StockTwits' analytics.

$MNKD I'm still LONG!!! Approval is inevitable!! - Kyle Cooper (@Kylecooper95) Apr. 2 at 08:48 AM

$MNKD AdComm nearly unanimous voting to approve. Are you seriously doubting this gets approved? - Gary Evans (@wengang1) Apr. 2 at 08:50 AM

The U.S. insulin market is expected to hit $13.2 billion in 2017, according to research consultancy RNCOS. Cashtaggers believe that MannKind's drug could quickly become dominant as inhaled medicine would be preferable to regular injections for many diabetes sufferers.

$MNKD no needles is a life changer - NiteKnight (@NiteKnight) Apr. 2 at 08:50 AM

Investors relief was palpable on the StockTwits' stream. The stock had sunk 32% in the past five days as investors questioned whether the FDA committee would recommend the drug and if their bet on MannKind would become worthless. Afrezza is MannKind's main drug. It has little else in the pipeline. 

$MNKD anybody who didn't hold a bunch through adcom should have to pay a pain & suffering tax to those of us who did if they buy today. - Rich (@flowomo) Apr. 2 at 09:13 AM

Briefing documents for the committee had seemed to indicate that reviewers had serious concerns about the drug that would block approval. Reviewers stressed that the insulin inhaler had respiratory side effects. One reviewer wrote that more data was needed to prove that the drug was as effective for Type I diabetes patients as rapid, acting insulin shots. In a note to clients, Piper Jaffray analysts said the drug faced an "uphill battle" to approval for Type I diabetes. On March 31, they downgraded the stock to underweight and slapped on a $1.50 price target.

MannKind traded above $7.50 this morning. Some cashtaggers called for more gains.

$MNKD I'm not going to sell one share! this is going to the moon.. next catalysts: FDA approval (15th April) then partnership, then buyout.. - Stockjoint (@Stockjoint) Apr. 2 at 08:50 AM

At the time of publication, the author held no positions in any of the stocks mentioned.
 
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.


At the time of publication the author had no position in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,066.93 -12.64 -0.07%
S&P 500 2,000.10 +3.36 0.17%
NASDAQ 4,572.5410 +14.8460 0.33%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs