NEW YORK (TheStreet) -- Shares of MannKind Corp. (MNKD) - Get Report shot up by 23.33% to 93 cents on heavy trading volume on Tuesday, as the company is considering strategic options, including selling itself, according to sources cited by Reuters.
The Valencia, CA-based biopharmaceutical company is focused on the discovery and development of therapeutic products for diseases, such as diabetes.
Mannkind and France-based Sanofi (SNY) ended an agreement for the development and sale of diabetes medicine Afrezza at the beginning of this month.
The termination of the pact removed a crucial revenue source for Mannkind. Its stock has plunged 40% since the announcement on January 5 and its current market value is $330 million, Reuters noted.
The insulin drug maker is working with investment bankers on options, according to the sources and has been creating a new marketing and sales strategy while looking into other partnerships.
Mannkind began an agreement with Receptor Life Sciences on January 21 to develop novel inhaled therapeutic products for conditions such as pain and inflammation, Reuters added.
About 9.68 million of the company's shares traded hands today, compared to its average volume of 8.07 million shares per day.