UPDATE: Bank of America Downgrades MannKind Following Physician's Survey
Mankind (NASDAQ: MNKD) was trending down following a report from Bank of America analyst Steve Byrne that downgraded the company from Neutral to Underperform while lowering its price objective from $8 to $5.
The report cites a survey of 75 physicians to assess interest in its Afrezza drug after its phase 3 trial results. The survey showed that doctors were much more cautious about the drug than before, which managed to flip the analyst to the bearish side. Later on, the analyst states that while he expects Afrezza to be approved, that it may come under review shortly thereafter due to side effects.
The report was beating up ManKind shares early Friday morning, leading them down 6.35 percent to $6.30 in premarket trading.
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