J.P. Morgan Remains Bearish on MannKind Corporation (MNKD)
In a research report released Thursday, J.P. Morgan analyst Cory Kasimov reiterated an Underweight rating on shares MannKind Corporation (NASDAQ:MNKD), following the drug maker’s first-quarter report. 1Q Afrezza revenue was $1.2 million compared to Kasimov’s estimate of $2 million. MannKind shares are currently trading at $1.35, down $0.25 or -15.62%.
Kasimov noted, “Management hosted a call but did not take questions. Despite our limited expectations for Afrezza revenue, the company still missed with sales of $1.2M vs cons/JPMe of $2.0m for the quarter. Additionally, MNKD’s current rate of cash burn seems adequate to fund operations only until 3Q (barring additional financing). While it looks like the company is continuing to make a sincere effort in re-launching Afrezza, our expectations remain minimal. The combination of stagnant sales combined with a thinning balance sheet leaves us unable to see a viable path forward.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a yearly average return of -6.4% and a 36% success rate. Kasimov has a 55.3% average return when recommending MNKD, and is ranked #4440 out of 4564 analysts.