The stock rating for MannKind Corporation (NASDAQ:MNKD) was upgraded by analysts at Piper Jaffray to Neutral from Underweight, and they also raised their price target from $2.00 to $6.50 per share in a recent note to investors.
Piper Jaffray analyst Dr. Joshua Schimmer emphasized that there is little reason to keep his Underweight rating for the stock given the anticipated positive developments that could lift the stock price of the MannKind Corporation (NASDAQ:MKND).
David Einhorn's Greenlight Capital funds were up 11.9% for 2021, compared to the S&P 500's 28.7% return. Since its inception in May 1996, Greenlight has returned 1,882.6% cumulatively and 12.3% net on an annualized basis. Q4 2021 hedge fund letters, conferences and more The fund was up 18.6% for the fourth quarter, with almost all Read More
MannKind positive on the approval of diabetes drug
Dr. Schimmer noted that the management of the biopharmaceutical company is optimistic regarding the approval of its product candidate Afrezza for the treatment of patients with Type 1 and Type II diabetes for the control of hyperglycemia during its upcoming PDUFA on July 15. The drug received an overwhelming favorable vote from experts.
In a note to investors, Dr.Schimmers wrote, “While recent advances such as sensors, pumps and rapid acting insulin analogs make hypoglycemia far less life-threatening than it used to be, it remains a concern and leading cause of mortality in Type I patients. As such, there is an unmet need Afrezza may help address, but whether the drug hits this mark cleanly and powerfully enough to offset its risks and succeed commercially remains a matter of contention among experts.”
Experts believe that Afrezza will be able to help patients reduce their sufferings caused by hypoglycemia and improve glucose titration for people whose existing rapid acting analogs are not fast enough. The experts also noted that there are many causes of hypoglycemia in diabetic patients. The Afrezza PK profile may not be able to address all the problems, and some may be theoretically worsened.
MannKind first quarter results
Early this week, MannKind Corporation (NASDAQ:MNKD) reported a net loss of $52.1 million or $0.14 per share. Wall Street analysts have an average estimate of $0.12 loss per share.
According to the biopharmaceutical company, its operating expenses increased from $36.4 million last year to $41.4 million. It ended the first quarter with $35.8 million cash and cash equivalents.
Analysts at JP Morgan have a Neutral rating with a $6 price target on the shares of MannKind Corporation (NASDAQ:MNKD).
JP Morgan analysts Whitney G. Ijem and Matthew J. Lowe opined that any potential partnership for the Afrezza depends on the results of the PDUFA on July 15. According to them, the company is not yet an earnings story.