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UPDATE: Bank of America Downgrades MannKind Following Physician's Survey

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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.

Latest Ratings for MNKD

DateFirmActionFromTo
Oct 2014Goldman SachsInitiates Coverage onNeutral
Aug 2014JefferiesInitiates Coverage onBuy
Jul 2014MLVDowngradesBuyHold

View More Analyst Ratings for MNKD
View the Latest Analyst Ratings

Posted-In: Bank of America Steve ByrneAnalyst Color News Downgrades Analyst Ratings

 

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