MannKind Corporation (NASDAQ:MNKD) stock has fallen below $10 after rising to as high as $11.50 on Monday. Since the FDA approved its inhaled diabetes drug Afrezza, many analysts have downgraded the stock citing various concerns. But investors remain bullish on MannKind, that’s what an investor survey conducted by 24/7 Wall Street revealed.

MannKind Afrezza

Analysts worried about MannKind’s value relative to Afrezza’s sales potential

Earlier this week, MLV & Co. downgraded MannKind from Buy to Hold with $11 price target. MLV analysts said they would remain cautious until the next step in the process, which is a partnership with an established drugmaker for commercialization of Afrezza. ISI Group also lowered its rating from Buy to Hold in a research note on Tuesday. However, ISI Group increased its price objective from $10 to $11.

JPMorgan analyst Cory Kasimov is worried over MannKind’s current market valuation relative to Afrezza’s sales potential. JPMorgan has a Neutral rating on the stock with $6 price target. Of course, there are reasons to be concerned. FDA has ordered some crucial studies and further clinical trials to determine long-term effects on children, and potential for lung cancer. Moreover, Afrezza is not for smokers or people with known lung diseases.

About 65% investors bullish on MannKind

Despite all these downgrades and concerns, investors are optimistic about the stock. The 24/7 Wall Street survey was not about how the stock performs in the near-term. It was based on where the stock would be going into 2015. The poll was expected to go for a week. But after an overwhelming response from 1947 investors in just two days, it has been closed.

MannKind

Among those polled, a whopping 60% said they expect the stock to rise above $15 going into 2015. MannKind would have found a suitable partner, and the launch would be clearer by 2015. 20% investors expect it to be in the range of $12-$15, 6% see it in the range of $10-$12, 4% investors expect the stock to trade between $7-$10, and only 4% see it falling below $7. In the “other” category, which received 6% votes, over 70% investors’ expectations were higher than $15. It means a total of about 65% investors see MannKind going above $15.

MannKind shares inched up 0.20% to $9.90 at 11:42 AM EDT on Thursday.