MannKind gets FDA advisory panel nod, shares up 42.2 percent 

Though stocks opened higher on good March jobs data, investors continued to sell off momentum stocks, mostly high-growth companies in the biotech and tech sectors. The Burrill Biotech Select Index continued its month long slide, dropping another 2.3 percent for the week. For the week, the Nasdaq Composite Index fell 0.7 percent, while the S&P 500 (up 0.4 percent) and the Dow Jones Industrial Average (up 0.6 percent) ended the week fairly flat.

MannKind was the week's biggest mover with shares up 42.2 percent for the week. A U.S. Food and Drug Administration voted overwhelmingly to recommend approval of the biotech's inhaled insulin for the treatment of patients, both with type 1 and type 2 diabetes. This was MannKind's third attempt to win regulatory approval. Though the FDA does not have to follow advisory committee recommendations, it often does. The FDA has set April 15 as the date when it will make its decision.  

Halozyme Therapeutics was the week's biggest loser. Shares ended the week down 30.4 percent after the company reported it was temporarily stopping enrollment of patients and dosing of its prostate cancer drug in a mid-stage trial, after an independent safety committee recommendation.

Forma Therapeutics has entered into a second strategic collaboration with Celgene focused on unmet needs in genetically driven therapeutic areas. The deal comes with $225 million in upfront cash and an option to be acquired by Celgene at a specified point during the partnership.

AbbVie has dropped its challenge to the European Union court to block the European Medicines Agency from releasing clinical trial data from the company, reports Bloomberg. AbbVie's decision comes amid European regulators efforts to push for more clinical trial transparency.

Patients with severe ischemic heart disease and heart failure benefited from a new treatment in which stem cells found in bone marrow are injected directly into the heart muscle, according to Danish researchers.