Hapoalim Securities Reiterates Sell Rating On MannKind (MNKD)

Analysts at Hapoalim Securities are reiterating their Sell rating on shares of MannKind

with a $1 price target. The shares currently trade at $6.42. The analysts wrote, "MannKind reported 3Q10 EPS of ($0.40), $0.02 below our estimate of ($0.38) on significantly higher-than-expected R&D spending. More importantly, the company stated that it does not expect to partner Afrezza until after an approved label is available. Because of the FDA's bias against approving new products and because no expert panel is scheduled ahead of the December 29 PDUFA date, we continue to expect Afrezza to get a Complete Response Letter. We reiterate our SELL rating and $1 Price Target." MannKind Corporation (MannKind) is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.