In a research report issued Friday, Piper Jaffray analyst Joshua Schimmer maintained a Neutral rating on MannKind Corporation (NASDAQ:MNKD) and reduced the price target to $3.50 (from $7.00), which represents a potential downside of nearly 9% from where the stock is currently trading. The decreased price target comes after the company reported first-quarter financial results and admitted that the launch of its lead product Afrezza is below its expectations.

Schimmer noted, “The company is optimistic that measures to improve access and initiating therapy without hassle will lead to an acceleration of uptake and that deploying its technology for new pipeline programs will create value, which will be needed for shares to stabilize and/or appreciate. Sanofi’s (NYSE:SNY) own commentary on its 4Q noted Afrezza is well-received by patients who are able to get it, but access is a limiting step. We’re lowering our PT to $3.50 as our concerns regarding MNKD’s financial position increase.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joshua Schimmer has a total average return of 12.1% and a 58.9% success rate. Schimmer has a -3.1% average return when recommending MNKD, and is ranked #300 out of 3596 analysts.

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