Brentie,

"nothing happening in the last six months to justify going from $1.85 to $4.40"

I think if you go back and look at the timing of when the increase occured, you would realize there were 2 material events that triggered the increase from 1.85 to 4.40. The first is a combination of 2 pieces of information: the trial enrollment and the update on trial completion. The fact that the trials were over subscribed and 70% complete gave investors confidence that the trials would wrap up on time. Knowing that there were no material patient dropout issues allows the investors to start firming up the time line to pdufa. This event started the run to 2.60 which is the price per share at which warrants will be exercised thus ensuring MNKD has enough funding to get through pdufa. Removing the funding risk was a very material event and it opened up the run to 4.40.

rak