Shares of MannKind Corporation (NASDAQ: MNKD) were soaring 13% higher as of 3:32 p.m. EDT on Monday. The big jump came after the company presented new data from clinical studies for inhaled insulin product Afrezza at the American Diabetes Association's 80th Scientific Sessions conference.
MannKind had good news all around at the ADA's virtual conference. The company presented a post hoc analysis from four studies that evaluated Afrezza in patients with Type 1 diabetes. This analysis showed that Afrezza can be safely and effectively dosed at 1.5 to two times the level of injected mealtime insulin.
Another analysis presented at the ADA conference demonstrated that treatment with Afrezza is associated with weight loss in patients with Type 2 diabetes. MannKind also presented results from a two-year safety study that showed significant changes in forced expiratory volume 1 (FEV1), a measure of pulmonary function, were uncommon and generally transient during treatment with Afrezza.
The big takeaway for MannKind was that all of its ADA presentations underscored the effectiveness and safety of Afrezza. Positive results at the important scientific conference could translate into higher sales for the drug if physicians gain confidence in prescribing Afrezza.
MannKind reported net sales for Afrezza in the first quarter of 2020 totaled $8 million. While that reflected a 58% year-over-year jump, significantly more growth is needed for the company to achieve profitability. Still, though, the biotech stock is on a roll so far in 2020 with a year-to-date gain of more than 20%. Today's good news could help MannKind keep its momentum going.