MannKind Corp. Glosses Over FDA Meeting; Hapoalim Balks (MNKD)
MannKind Corp. (NASDAQ: MNKD) released a press release discussing the results from its Study 117 comparing Afrezza to Ely Lilly's (NYSE: LLY) injected Humalog. Afrezza is an inhaled insulin intended for treatment of Type I diabetes.
At the end of the press release, MannKind mentioned that its End-of-Review meeting with the FDA has already taken place, and it is currently preparing to resubmit the Afrezza NDA.
Hapaolim analyst Jon LeCroy is unimpressed. "To gloss over the most important meeting the company has ever held seems a bit odd to us...At this point we have no idea what will be required in order to re-submit the NDA and are unsure why the company would not provide some insight into what was possibly the most important meeting in the Company’s history," he said.
Hapaolim gives MNKD a Sell rating, with a price target of $1.00. MNKD is currently trading at $5.59.
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