Investors either weren't impressed with what they heard from management regarding Afrezza on MannKind's (MNKD -9.6%) Wednesday evening conference call or traders are simply taking some profits after yesterday's rally, as shares are down sharply in morning action.
The company discussed results of the Affinity trials yesterday after the close, addressing a number of points including partnership plans and an apparent discrepancy between the previously specified between-group A1c difference (0.5%) and the observed difference (0.4%). As for the latter issue, the company says the P-value of .0001 leaves no doubt as to an "unequivocal superiority conclusion." (transcript)
Merrill Lynch reportedly says Afrezza's potential as a complement to oral in the Type 2 market is uncertain.