MannKind Continues To Be Friendly To Investors

em>Joel Elconin is the co-host of

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MannKind Corporation

shares are trading higher by $0.29 at $5.50 in Wednesday's session. The issue has gained 50 percent since closing on May 12 at $3.65. The rally is taking place after the issue was abandoned by Wall Street analysts after it met Wall Street estimates for Q1 at a loss of $0.08. It appears the issue is embarking on its second move extended move higher over this time period. The first leg took the issue from the mid $3's to the $5 level. Following a pullback to $4.46 it has tacked on another $1 since May 20. So far it has reached $5.55, which represents its highest level since it mades of series of 11 consecutive highs between $5.44 and $5.70 in mid-March. On May 19, the issue attracted some large option call buyers as 2365 June $5 calls traded while it was trading at $4.79. Those options are now firmly in the money with two weeks remaining until expiration. .