MannKind Corporation (NASDAQ:MNKD) announced that it has entered into a collaboration agreement with JDRF (formerly known as Juvenile Diabetes Research Foundation), the leading global organization funding type 1 diabetes research. The collaboration will combine JDRF’s significant scientific and human resources with MannKind’s active participation in the field of diabetes research and development in order to advance new treatments and therapies in areas of strategic alignment that can transform the lives of people with diabetes. A focus of the collaboration will be on the use of Afrezza®, with its unique insulin delivery method, in the pediatric population.
“We are excited to be working with JDRF and the leading scientific experts, community physicians and people with diabetes that are associated with this organization,” stated Dr. Ray Urbanski, Chief Medical Officer of MannKind Corporation. “We have already begun to evaluate Afrezza for use in the pediatric population and we look forward to working with JDRF to advance our mutual interests in advancing therapies for all patients with type 1 diabetes.”
“JDRF is pleased to partner with MannKind to explore opportunities to help facilitate making Afrezza more broadly available to the T1D community interested in benefiting from this important therapeutic,” said Aaron Kowalski, PhD., JDRF Chief Mission Officer, Vice President of Research. “MannKind is a fantastic organization focused on addressing the needs of people living with T1D and we look forward to collaborating and continuing to drive research to improve the lives of people with type 1 diabetes.” (Original Source)
Shares of MannKind are up over 5% to $1.09 in pre-market trading. MNKD has a 1-year high of $6.24 and a 1-year low of $0.64. The stock’s 50-day moving average is $1.15 and its 200-day moving average is $1.31.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on May 10, Piper Jaffray analyst Joshua Schimmer reiterated a Sell rating on MNKD, with a price target of $0.10, which represents a potential downside of 90.3% from where the stock is currently trading. Separately, on April 28, JMP’s Jason Butler reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joshua Schimmer and Jason Butler have a total average return of -10.5% and 43.2% respectively. Schimmer has a success rate of 37.7% and is ranked #3880 out of 3903 analysts, while Butler has a success rate of 55.2% and is ranked #94.
The street is mostly Bearish on MNKD stock. Out of 4 analysts who cover the stock, 3 suggest a Sell rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $0.25, which implies a downside of 75.7% from current levels.
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.