Boston, MA 05/24/2013 (wallstreetpr) – The share prices of MannKind Corporation (NASDAQ:MNKD) had surged by 9.95 percent to close at $6.85 per share for the last trading session. The company had again readjusted its 52 week high price level to new value of $6.99 per share after the shares touched the intraday high mark of that value. The 52 week low price of MannKind Corporation (NASDAQ:MNKD) remains at $1.58 per share.
The surge in share price of MannKind Corporation (NASDAQ:MNKD) for the past few days is being basically driven by the positive expectations of the success of its product candidate, AFREZZA which is an inhalable insulin product. This medicine is developed by the bio pharmaceutical company for the treatment of patients with Type I and Type II diabetics. Once approved as successful, MannKind Corporation (NASDAQ:MNKD) will be the second company to launch an insulin product after Pfizer.
MannKind Corporation (NASDAQ:MNKD) had recently released its first quarter financial results in which the company had registered an increase in the revenue by $2.5 million over the same quarter of the previous year and the net loss attributable to shareholders was also reduced to $0.15 per share, compared to the previous year value of $0.27 loss per basic and diluted share.
MannKind Corporation (NASDAQ:MNKD), which is involved in the research, development and commercialization of therapeutic drugs for the treatment of cancer and diabetics, presently holds 290.88 million outstanding shares and the average trading volume for the development stage pharmaceutical company is 6.10 million shares per day.