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UPDATE: Bank of America Downgrades MannKind Following Physician Survey

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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

DateFirmActionFromTo
Dec 2019OppenheimerInitiates Coverage OnOutperform
May 2019BTIG ResearchInitiates Coverage OnBuy
Mar 2019Leerink SwannInitiates Coverage OnOutperform

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

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