Wall Street Analysts Sell The Bottom In MannKind

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.MannKind Corporation (NASDAQ: MNKD) shares were trading higher by $0.45 (8 percent) at $4.85 in Tuesday's session. It is in the midst of a monster three-day run that has seen the issue rally from $3.63 to its current price.After being left for dead by Piper Jaffray, JP Morgan and Goldman Sachs on May 11 off weak Q1 results, the issue has staged a dramatic rebound. The day following the trio of negative comments, the issue put in place a 52-week low ($3.45), paused for a few days and embarked on its move back towards the $5 level.The issue is attempting to post its third straight day of $0.40 gains. On Friday, it rallied from $3.63 to $4.04, Monday it rallied from $4.00 to $4.40, and has reached $4.85 so far in today's session. It could be heading to the pair of highs put place on April 23 and 24 at $4.97.It should noted that the rally of the last three days has taken place on monster volume, with 11 million shares changing hands on Friday, 14 million on Monday and 16 million so far Tuesday with two hours remaining in the session. That is compared to its 20-day average of 7.58 million.