UPDATE: Brinson Patrick Initiates Coverage on MannKind Corporation with Market Outperform Rating, $6 PT

In a report published Monday, Brinson Patrick initiated coverage on MannKind Corporation

with a Market Outperform rating and $6.00 price target. Brinson Patrick noted, “MannKind Corporation's rapid-acting insulin, Afrezza, is currently in two Phase 3 pivotal trials with their handheld drug delivery device called Dreamboat. We believe the two Complete Response letters they received with their previous device has created a buying opportunity for investors today. Following a completion of a financing that carries them through 2013, we recommend investors begin accumulating MNKD shares.” MannKind Corporation closed on Friday at $2.13.