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Tuesday, Sep 26, 2023

Briefs: MannKind, Northrop Grumman

Shares of MannKind Corp. hit a 52-week high on Thursday as investors bet the government will approve the company’s flagship drug. The Valencia company’s shares jumped nearly 11 percent Wednesday to close at $10.54. Shares hit a 52-week high of $11.11 on Thursday morning before settling down amid profit taking. The company is waiting for news on whether the Food and Drug Administration will approve its inhalable insulin Afrezza. The deadline for a decision is July 15. Shares closed down 50 cents, or 4.7 percent, to $10.04 on the Nasdaq. Northrop Grumman Corp. delivered the 150th center fuselage for the F-35 Lighting II jet fighter this week at its Palmdale manufacturing facility, the company announced on Thursday. The Falls Church, Va. company has built 50 of the center fuselages over the last 15 months using a state of the art integrated assembly line that employs robotics and automation. The fuselages are sent for final assembly to a Fort Worth, Texas plant operated by Lockheed Martin, of Bethesda, Md., the program’s main contractor. The F-35 is the newest single-seat fighter developed for the U.S. and foreign militaries. The aircraft comes in three versions – conventional takeoff and landing for the U.S. Air Force, carrier takeoff and landing for the U.S. Navy, and short takeoff and vertical landing. The planes, minus the engine, range from $100 million to $116 million in price, depending on the variation. It is intended to be a lower-cost alternative to fighters designed for one specific military role.

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