NEW YORK (TheStreet) -- Shares of MannKind (MNKD) are soaring, up 10.61% to $4.01 on heavy volume in late afternoon trading Friday, after analysts at Jefferies issued a note this morning saying they see "good interest" for use of its Afrezza drug.
Afrezza, the company's signature drug, is an inhalable product to treat diabetes.
The firm reiterated its "buy" rating with a price target of $9 following its recent Afrezza survey.
Jefferies surveyed 56 endocrinologists and primary care physicians about their expected use of Afrezza for diabetes.
The firm said in a note,
In screening physicians, we found that 35% did not know about Afrezza. Those that did, however, expected to use Afrezza more frequently than we had expected, especially among type 1 diabetics.
On Monday, JPMorgan Chase analysts downgraded the biotech company to "underweight" from a "neutral" rating.
The firm removed its year-end price target of $6, and said Afrezza's launch struggles could be difficult to overcome.
About 10.09 million shares have exchanged hands as of 3:55 p.m. ET today, compared to its average trading volume of about 5.3 million shares a day.
MannKind is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes. The company is based in Valencia, Calif.