UPDATE: Brinson Patrick Initiates Coverage on MannKind

In a note released Tuesday, Brinson Patrick Initiated coverage on

at Market Outperform and announced a $12 price target. Brinson Patrick analyst Christopher James emphasized the expected FDA approval of the diabetes drug Afrezza as the main driver for MannKind's Outperform rating. Commenting on the likelihood of Afrezza's FDA approval James said, "The AdCom voted 13 - 1 and 14 - 0 in favor of approving Afrezza for type-1 and type-2 diabetes, respectively. While the FDA is under no obligation to follow these recommendations, we have a high level of conviction for approval." James acknowledged that there has been a three-month extension on Afrezza's PDUFA date, but he sees this as an investment opportunity rather than a misfortune. Speaking on this, James said, "We are not entirely surprised by the 3 month PDUFA extension, which we view as a buying opportunity ahead of a low-risk approval event."