MannKind Corporation (NASDAQ: MNKD) is seen positively at Jefferies as a survey among more than 50 endocrinologists and physicians, indicated that 65% know about Afrezza product (type 1 diabete care) and expect to use the drug more frequently. The analyst keeps its Buy stance on MNKD with a $9 price target.
MNKD reported first quarter earnings on May 07. The Therapeutics company announced earnings per share of $-0.08 against a consensus Street estimate of $-0.08, matching the average estimate. This corresponds to an increase of $0.06 compared to the same quarter of the previous fiscal year.
Another analyst activity consisted of JP Morgan downgrading their Neutral rating to Underweight on May 11. On the date of report, the stock closed at $3.63. Indeed, JPMorgan analyst Cory Kasimov downgraded MannKind to Underweight saying Afrezza’s launch struggles could be difficult to overcome. Kasimov withdraw the firm’s year-end price target of $6 following the company’s Q1 results. Shares of MannKind closed Friday down 21c to $3.81.
In an earlier note, Goldman Sachs downgraded their Neutral rating to Sell on March 3, and decreased their price target from $6 to $3. This corresponds to a 24.91% downside from the last closing price. On the date of report, the stock closed at $6.16. The research firm believes MannKind Corporation (NASDAQ: MNKD) “is facing low profitability and delayed profits based on a slow ramp of Afrezza, patient-driven market dynamics requiring heavy SG&A spending, and challenging deal terms with Sanofi.”
There are currently ten analysts that cover MNKD stock. Of those ten, three have a Buy rating, four have a Hold rating and three have a Sell rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $6.31.
MannKind Corporation is a biopharmaceutical company focused on the development and commercialization of therapeutic products for diseases such as diabetes, cancer, inflammatory and autoimmune diseases. The company’s lead investigational product candidate is the Technosphere Insulin System.