UPDATE: JP Morgan Upgrades MannKind to Neutral on Capitalization, Data Catalysts
JP Morgan raised its rating on MannKind (NASDAQ: MNKD) from Underweight to Neutral as the company appears to have sufficient capital to complete ongoing pipeline trials.
JP Morgan noted, "MNKD's quarterly report was essentially a nonevent. However, we are incrementally more confident that the company's recent (and highly dilutive) offering should enable funding of the Phase 3 AFFINITY trials through data in mid 2013. We feel relatively comfortable with Afrezza's clinical outlook based on decent (some would say mixed) past Ph3 data. Longer term, we believe a partner will be needed to launch the drug, and while a deal could meaningfully de-risk the stock, we are skeptical that one will be secured prior to the Ph3 data (and potentially not even after). Thus our commercial concerns remain."
MannKind closed at $1.93 on Thursday.
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