MannKind Corporation (NASDAQ:MNKD) announced that it has completed the validation of two additional filling lines for the manufacture of Afrezza® (insulin human) inhalation powder. Material produced during the validation runs, including the recently approved 12 unit cartridges, will be supplied to Sanofi to support the launch of the new dosage strength, which is expected later this quarter.
“With the completion of the validation effort, which began last quarter, we can support a demand of more than 300 million cartridges per year,” stated Hakan Edstrom, President and CEO of MannKind Corporation. “The addition of the 12 unit cartridge will provide patients with another option to receive their prescribed dose.” (Original Source)
Shares of MannKind Corporation closed yesterday at $4.46. MNKD has a 1-year high of $10.08 and a 1-year low of $3.46. The stock’s 50-day moving average is $5.49 and its 200-day moving average is $5.51.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on June 12, RBC analyst Adnan Butt maintained a Buy rating on MNKD. Separately, on June 9, Jefferies Co.’s Shaunak Deepak reiterated a Buy rating on the stock and has a price target of $9.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Adnan Butt and Shaunak Deepak have a total average return of -3.7% and -22.7% respectively. Butt has a success rate of 48.2% and is ranked #3285 out of 3721 analysts, while Deepak has a success rate of 16.7% and is ranked #3518.
Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and 2 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 $4.50 which is 0.9% above where the stock closed yesterday.
MannKind Corp is a development stage company engaged in the discovery, development, and commercialization of therapeutic products for diseases such as diabetes.