MannKind Corporation (NASDAQ:MNKD), Apple Inc. (NASDAQ:AAPL) and Facebook Inc (NASDAQ:FB) are the stocks that are expected to trade actively in Monday’s trading session. MannKind tumbled as much as 20% on Friday before recovering some of those losses. But the stock still closed down 5.8% to $10. The sharp market reaction was triggered by the USFDA approval of its diabetes drug Afrezza. While regulatory approval for a drug usually pushes up the manufacturer’s stock, it wasn’t the case with MannKind.
MannKind up nearly 12% in pre-market trading
Investors were apparently more concerned about the warning that the FDA requires the rapid-action drug to carry on the box. Regulators want MannKind to warn patients about the possible bronchospasms if they are suffering from asthma or chronic obstructive pulmonary disease (COPD). FDA also asked MannKind to remain in contact with physicians to monitor how the drug is performing. Besides, the regulators require the Valencia-based company to perform more trials for treating children.
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But investors realize that Afrezza has immense revenue potential. Brinson Patrick analyst Christopher James estimates that MannKind Corporation could generate as much as $2.65 billion in annual revenues from the drug by 2025. So, this growth potential is likely to be the highlight once those concerns settle down.
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MannKind shares soared 12.40% in pre-market trading Monday to $11.24.