Hapoalim Reiterates Sell Rating On MNKD
April 11, 2011 8:16 AM
Hapoalim Securities is reiterating its Sell rating on shares of MannKind Corp. (NASDAQ: MNKD).
“MannKind announced that due to a potential government shutdown, the FDA has decided to cancel an Afrezza End-of-Review meeting scheduled for April 15,” Hapoalim writes. “We note that other FDA meetings planned for this week will go on as scheduled. As when the FDA failed to give MannKind the official minutes from its meeting after the 2010 Afrezza Complete Response Letter, it appears to us that the FDA is sending a signal that it has no interest in the Afrezza program.
“Now that a government shutdown has been pushed beyond the April 15 scheduled date for Afrezza's End-of-Review meeting, if the FDA fails to reinstate the meeting, we would view it as extremely negative for the Afrezza program.”
MannKind closed Friday at $3.64.
