"Later this summer, we'll see phase 3 data on MannKind's (NASDAQ: MNKD ) inhaled insulin Afrezza. While this is a necessary step toward approval of its drug/device combination, it may not be the stock-moving event that investors would enjoy. Shares have run up substantially recently, which will mute any pop we see after the data is released. And while the device is new, the underlying drug has produced solid data to date, so the expectations are more likely for a positive result than a negative one."

http://www.fool.com/investing/general/2013/05/31/stocks-to-buy-biotechs-with-binary-events.aspx