J.P. Morgan’s healthcare analyst Cory Kasimov weighed in today with a review on MannKind Corporation (NASDAQ:MNKD), straight from the 2015 J.P. Morgan Healthcare Conference in San Francisco. The analyst rates the stock a Neutral with a $5.50 price target.
Kasimov noted, “Not much new came out of recently retired CEO Al Mann and new CEO Hakan Edstrom’s presentation ahead of Afrezza’s US launch in 1Q. Much focus of the presentation was on the executive changes, acknowledging all Al has done in his career for diabetics.”
The following bullets contain some highlights from the presentation:
- MNKD believes further leveraging their Technosphere platform is the next stage of growth for the co, especially with FDA approval of the technology; Next steps for the platform will be discussed at the next Board meeting (by end of Feb).
- MNKD noted that the safety studies completed for Afrezza can be leveraged for new potential products based off the Technosphere technology.
- Significant change in cash burn rate expected beginning in 1Q.
- SNY/MNKD plan to launch Afrezza in the US in 1Q15. Preparation for an EU filing is expected after the US launch.
- There is nothing in MNKD’s agreement with SNY that would prevent another co from acquiring MNKD’s shares.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 12.3% and a 56.1% success rate. Kasimov has a 51.9% average return when recommending MNKD, and is ranked #511 out of 3426 analysts.