NEW YORK (TheStreet) -- Shares of MannKind Corp. (MNKD) - Get Report are jumping by 20.53% to $1.11 on heavy volume in midday trading on Wednesday, as a report yesterday suggested that the company is considering selling itself and other strategic options.

The biopharmaceutical company is focused on the discovery and development of therapeutic products for diseases, such as diabetes, and is headquartered in Valencia, CA.

At the beginning of the month, the drug maker and France-based Sanofi (SNY) terminated an agreement for the development and sale of diabetes medicine Afrezza, removing a crucial revenue source for Mannkind.

The company's shares have tumbled 40% since the announcement on January 5 and its current market value is $330 million, Reuters noted.

Mannkind is developing a new marketing and sales strategy, while exploring other partnerships and working with investment bankers on options, Reuters added. 

About 12.85 million of the company's shares traded hands by this afternoon, well above its average volume of 8.16 million shares per day.

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