Hapoalim Reiterates Sell on MannKind (MNKD)

Hapoalim is out with its report on Mannkind (NASDAQ: MNKD), reiterating Sell.In a note to clients, Hapoalim writes, "MannKind announced that it will wait for FDA input before beginning the AFFINITY trials. If we assume that MannKind meets with the FDA in April 2011, gets back official feedback in May 2011 and can start enrolling the trials in June 2011, it implies that the trials won't complete until June 2012. If MannKind re-files the submission only two months after completion of the AFFINITY trials, it would imply a February 2013 PDUFA date, at best. The company currently only has funding until the end of 2011. We reiterate our SELL rating and $1 Price Target."At the time of posting, shares of MNKD were trading at $4.16, down 17.69% from Thursday's close.