NEW YORK (TheStreet) -- MannKind (MNKD) continued its decline Friday after news that rival biopharmaceutical company Dance Biopharm had filed a $75 million IPO on Wednesday night as it seeks money to continue developing an inhaled insulin device.
MannKind's own inhaled insulin device, Afrezza, has been the subject of much coverage recently with an FDA decision upcoming. An FDA advisory panel issued a positive recommendation on Afrezza last week.
MannKind dropped 7.01% to $6.37 at 3:18 p.m., at which point more than 11.5 million shares had changed hands, greater than the average volume of 10,426,300.
For much more on Dance Biopharm, be sure to read TheStreet's Adam Feuerstein's article here.Must Read: MannKind Rival, Also Developing Inhaled Insulin Device, Files $75M IPO STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.