Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of biotech company MannKind
So what: With its lead inhaled-insulin product Afrezza now having been rejected twice by the Food and Drug Administration, MannKind is naturally seeking to conserve cash as it continues to strive for that ever-elusive approval. Unfortunately, Afrezza's recent struggles also prompted management to terminate its human insulin supply agreement with Merck
Now what: I'd be really cautious about pouncing on today's plunge. While MannKind's distress isn't exactly a big surprise to many Fools, founder and CEO Al Mann's continuous capital backing has always been something die-hard bulls could count on. But with Mann stating on the conference call that he "can't make any commitments at this point," it's tough to understand why individual investors would.
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