NEW YORK ( TheStreet) -- MannKind ( MNKD) surged to a 52-week high of $11.11 on Thursday on high volume as the impending July 15 date for FDA approval of the company's inhaled insulin drug Afrezza approaches.
Wednesday marked what was likely the first day of significant momentum trading on MannKind with a little more than a month to go before the anticipated approval date.
The stock hit the high shortly after the market opened Thursday but then dropped below its open price of $10.90. The stock was down 2.75% to $10.25 at 10:19 a.m.
For more on this story, read TheStreet's Adam Feuerstein's article here.