Midday Commentary: MannKind quiet ahead of Afrezza regulatory decision; MGM flat to lower outright

By Rebecca Melvin

New York, March 28 - Convertibles were quiet early Friday, mildly rounding out a week that was dominated by new issue-related trading, which has marked the market for several weeks.

The primary market was quiet on Friday.

MannKind Corp.'s convertibles hadn't yet traded Friday as volatility in the underlying shares of the Valencia, Calif.-based biopharmaceutical company continued ahead of the April 1 Food and Drug Administration meeting to consider regulatory approval of MannKind's inhalable diabetes drug Afrezza.

MannKind shares bounced a bit Friday. FDA staff reviewing the drug raised safety and efficacy questions in its briefing documents released this week.

MannKind's 5.75% convertibles due 2015 "haven't traded in three weeks," a Connecticut-based trader said Friday. They were seen last at 109.375, according to Trace data. On Feb. 25, they were around 120.

MGM Resorts International traded flat to lower at 141.125 on Friday as shares of the Las Vegas-based casino operator lifted in early trading to $25.30, which was up 1.7%.

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