Stock Update (NASDAQ:MNKD): MannKind Corporation to Manufacture 12 Unit Cartridge Strength of AFREZZA(R) Following FDA Approval
MannKind Corporation (NASDAQ:MNKD) announced that it will begin to manufacture a 12 unit cartridge strength of AFREZZA (insulin human) Inhalation Powder to improve glycemic control in adult patients with diabetes. The 12 unit cartridge was approved by the U.S. Food and Drug Administration on April 17, 2015 and is expected to be launched by Sanofi in the second half of 2015.
The new dosage strength complements the existing 4 unit and 8 unit cartridges and will provide patients with another option to receive their prescribed dose. (Original Source)
Shares of MannKind closed last Friday at $4.8 . MNKD has a 1-year high of $11.48 and a 1-year low of $4.45. The stock’s 50-day moving average is $5.24 and its 200-day moving average is $5.76.
On the ratings front, MannKind has been the subject of a number of recent research reports. In a report issued on April 16, RBC analyst Adnan Butt reiterated a Buy rating on MNKD, with a price target of $10, which implies an upside of 108.3% from current levels. Separately, on March 24, Jefferies Co.’s Shaunak Deepak maintained 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 -1.6% and -24.5% respectively. Butt has a success rate of 50.0% and is ranked #2992 out of 3581 analysts, while Deepak has a success rate of 0.0% and is ranked #3326.
The street is mostly Neutral on MNKD stock. Out of 6 analysts who cover the stock, 4 suggest a Hold rating and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $7.80, which represents a potential upside of 62.5% from where the stock is currently trading.
MannKind Corp is a development stage company engaged in the discovery, development, and commercialization of therapeutic products for diseases such as diabetes.