MannKind (MNKD) gapped higher and is up 61 cents to $6.82 after the FDA said it would review Afrezza, the inhaled insulin product, within six months. The FDA set Dec. 29 as the review date. Shares are up and trading in the options market includes 13K contracts, or about 7X normal for first 30 minutes of trading. 6340 calls and 6245 puts traded so far. While Jan calls are seeing some interest in reaction to the news, Jan – Sep 6 put spreads are the most actives. Some investors appear to be buying the spread at $1.45 and probably looking for shares to hold above $6 through September, but then with the possibility of heightened volatility before January (because the review date is Dec. 29.)