Market Overview

UPDATE: Bank of America Downgrades MannKind Following Physician Survey

Related MNKD
After SunEdison, Twitter Users See Valeant Filing Bankruptcy Next…Not SandRidge Or Another Solar Player
Why Goldman Is Still Selling Mannkind

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

Nov 2015Griffin SecuritiesDowngradesBuyNeutral
Nov 2015RBC CapitalDowngradesOutperformUnderperform
Sep 2015Piper JaffrayDowngradesNeutralUnderweight

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)

View Comments and Join the Discussion!