Hapoalim Reiterating Sell On MannKind (MNKD)
Hapoalim Securities is reiterating its Sell rating and $1 price target on shares of MannKind (NASDAQ: MNKD).
In a note to investors, Hapoalim writes, "MannKind announced that it has met with the FDA for an End-of-Review meeting for the Afrezza program and while the FDA seems to have agreed on the protocol for the required Type 1 trial, there appears to some confusion over what would be an acceptable protocol for the Type 2 trial. MannKind stated that it now plans to complete the new Phase 3 trials in late 2012, which implies to us an early 2013 filing with the FDA. If Afrezza gets a six month review (it is possible it gets a new 10 month review), it would imply a 2H13 PDUFA date. We reiterate our SELL rating."
Shares of MNKD are down 65 cents in pre-market trading to $3.75, a loss of 14.77% this morning.
