MannKind Corporation (NASDAQ: MNKD) is having yet another strong day in the market today, following up on the massive gains that we saw out of the stock last week. Ultimately, the gains are the result of the label change for Afrezza that was approved by the FDA last week. However, rumors are now starting to pop up that the company will attempt to tackle the Chinese market, and if these rumors are correct, it’s going to be quite a bit easier than you might think. Before we get into the details, we’d like to give a big thank you to our partners at Trade Ideas for always being the first to alert us to the movement. Currently (10:30), MNKD is trading at $5.10 per share after a gain of $0.07 per share (1.39%) thus far today.
MNKD Continues Higher On FDA-Approved Label Change
As mentioned above, MannKind Corporation has been having an incredibly strong time in the market as of late after the company announced that the FDA has approved a label change for Afrezza. The change that was approved last week provides both physicians and patients with more clarity on how Afrezza should be used. It is expected that not only will this lead to more prescriptions being offered through physicians, but also more refills, and I happen to agree. To get more details on the label change and how it will affect MNKD, click here to read the MNKD feed here on CNA Finance!
Rumors Surface Suggesting That MNKD May Tackle The Chinese Market Next
There’s no secret that the United States market is indeed the largest market in the world. After all, it is the world’s largest economy. However, the next in line would be China. Historically, China hasn’t been the easiest market to get into. In fact, even Apple – a company that’s focused on technology rather than medicine – has had a hard time getting their products into, and maintaining their involvement in, the Chinese market.
Nonetheless, rumors are surfacing that MNKD may not have a very rough time getting into the market, and if these rumors are true, it could be huge for the long-run outlook of the company. According to various messages on message boards, China recently made a change and will soon start to accept data from drug trials that were performed outside of the country. At the moment, we are still working to dig up the proof that this is true or to debunk the rumor. Nonetheless, if this is true, and MannKind is indeed interested in tackling the Chinese market, this could make it far easier to do so, opening yet another stream of revenue relatively quickly. Nonetheless, there are messages like the one below all over the message boards as we speak.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MNKD. In particular, we’re interested in following the sales reports after the news of the label change, as we believe that this will prove to be a monumental game changer for the company moving forward. We’ll also be keeping a close eye on the China story. As mentioned above, it’s nothing more than a rumor right now. However, if China is indeed open to accepting data from clinical trials outside of their country, and if MNKD plans to tackle the market, this could also be massive for the stock. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
UPDATE 11:35: China has indeed started to accept data from clinical trials outside of the country. There has been no update from MNKD as to whether or not they will pursue approval for Afrezza in China. However, this could be a door wide open for the company.
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!