Wells Fargo Cuts Estimates On ManKind (MNKD)

Wells Fargo Securities is lowering its estimates on MannKind Corporation (NASDAQ: MNKD). It has an Outperform rating on shares.

In a note sent to clients, Wells Fargo writes, "MNKD raised $5.4MM cash and cancelled $5.8MM in debt through 1.4MM aggregate share sales. Lowering 2010E loss to $1.56 (from -$1.57) on higher share count, 2011E EPS to $0.46 (from $0.70) on revised revenue estimates. Introducing 2011 quarterly estimates [-$0.34, -$0.35, $1.31, and -$0.22 per share, chronologically]. Maintain Outperform on Afrezza potential."

Shares of MNKD are down 1 cent to $8.00 in early Thursday trading.

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