Market Overview

UPDATE: Bank of America Downgrades MannKind Following Physician Survey

Related MNKD
A Look At Short-Sellers' Latest Picks
MannKind Corporation Sinks: CFO Says 'We're Not There Yet' With Afrezza
PSA: Afrezza Is NOT Exubera (Seeking Alpha)

In a report published Friday, Bank of America analyst Steve Byrne downgraded the rating on MannKind Corporation (NASDAQ: MNKD) from Neutral to Underperform, and lowered the price target from $8.00 to $5.00.

In the report, Bank of America noted, “We lowered our rating to Underperform and our PO to $5 (from $8) following our recent 75 physician survey to assess interest levels in Afrezza post phase 3 results. Respondents were notably more cautious about Afrezza compared to our March survey, particularly regarding use in Type 2 diabetes patients on oral therapies. We now model peak share of 2% in the oral market (4% prev.). Our 4% peak share of the basal/prandial insulin market for type 1 patients is unchanged. We model Afrezza attaining 1.6% share of the US diabetes market by 2020, which may still be aggressive and largely depends on the quality of a much-needed partner.”

MannKind Corporation closed on Thursday at $6.30.

Latest Ratings for MNKD

May 2015JP MorganDowngradesNeutralUnderweight
Mar 2015Goldman SachsDowngradesNeutralSell
Oct 2014Goldman SachsInitiates Coverage onNeutral

View More Analyst Ratings for MNKD
View the Latest Analyst Ratings

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


Related Articles (MNKD)

Around the Web, We're Loving...

Get Benzinga's Newsletters