MannKind Corporation (NASDAQ:MNKD) announced that James S. Shannon, MD, MRCP (UK) has been elected to the company’s Board of Directors after previously serving as a director fromFebruary 2010 until April 2012. The addition of Dr. Shannon brings the total number of MannKind Board members to eight.
From May 2012 until his retirement in April 2015, Dr. Shannon was the Chief Medical Officer of GlaxoSmithKline. He formerly held the position of Global Head of Pharma Development at Novartis AG, based in Basel, Switzerland from 2005 until 2008. After joining Sandoz in 1994 as Head of Drug Regulatory Affairs, Dr. Shannon led of the Integration Office for R&D overseeing the creation of the Novartis R&D groups from those of Ciba-Geigy Ltd and Sandoz. Following the merger he was appointed Head of the Cardiovascular Strategic Team and subsequently became Global Head of Project Management before being appointed Global Head of Clinical Development and Medical Affairs in 1999, a position that he held until 2005 when he was appointed toHead Pharma Development. Between 2008 and joining GSK, Dr. Shannon served on the boards of a number of companies, including Biotie, Circassia, Crucell, Endocyte and MannKind. He also sat on the board of Cerimon Pharmaceuticals where he held the position of interim Chief Executive Officer and President from January 2009 until April 2010. He first entered the pharmaceutical industry in 1987 joining Sterling Winthrop Inc., working initially in Europe and subsequently in the USA, where he held positions of increasing responsibility in the management of research and development ultimately serving as Senior Vice-President, Clinical Development. Dr. Shannon is trained in Medicine and Cardiology. He received his undergraduate and postgraduate degrees at Queen’s University of Belfast and is a Member of the Royal College of Physicians (UK).
“We are very pleased to welcome James back to the board of directors,” stated Alfred Mann, Executive Chairman of MannKind Corporation. “His experience as a recognized pharmaceutical industry leader is invaluable to us as we accelerate the commercialization of Afrezza® and build a pipeline of additional product opportunities that utilize our proprietary technologies.” (Original Source)
Shares of MannKind Corporation opened today at $4.7 and are currently trading down at $4.58. MNKD has a 1-year high of $11.48 and a 1-year low of $3.46. The stock’s 50-day moving average is $4.64 and its 200-day moving average is $5.58.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on May 15, Jefferies Co. analyst Shaunak Deepak maintained a Buy rating on MNKD, with a price target of $9, which represents a potential upside of 91.5% from where the stock is currently trading. Separately, on May 11, MLV & Co.’s Arlinda Lee reiterated a Hold rating on the stock and has a price target of $4.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shaunak Deepak and Arlinda Lee have a total average return of -15.2% and -0.3% respectively. Deepak has a success rate of 25.0% and is ranked #3240 out of 3607 analysts, while Lee has a success rate of 53.8% and is ranked #2762.
In total, one research analyst has rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $4.7 which is 0.73% above where the stock opened today.
MannKind Corp is a development stage company engaged in the discovery, development, and commercialization of therapeutic products for diseases such as diabetes.