Is MannKind Corporation Stock Still a Strong Buy?
MannKind Corp. (NASDAQ: MNKD), the maker of the inhaled insulin product Afrezza, saw its shares rise by another 40% today. As a result, the biotech's share price has now gained an impressive 126% since the start of October -- thanks to the U.S. Food and Drug Administration approving a favorable label change for Afrezza, as well as a successful common-stock-for-warrant swap that improved the company's capital structure.
Image source: Getty Images.
Because of Afrezza's anemic sales since its launch, MannKind seemed to be on the brink of collapse. The company, after all, had essentially exhausted the majority of its financial resources bringing Afrezza to market in the first place, and therefore needed the drug to get off to a quick start. Based on MannKind's recent momentum, however, investors now appear to think that these recent label changes will finally unlock Afrezza's megablockbuster potential.
Source: Fool.com
