Zacks Reaffirms Neutral Rating on MannKind (MNKD)

Zacks reissued their neutral rating on shares of MannKind (NASDAQ: MNKD) in a research report released on Wednesday morning. Zacks currently has a $2.75 price target on the stock.

Zacks’ analyst wrote, “MannKind’s second quarter 2012 net loss of $0.23 per share was narrower than the year-ago loss of $0.37 and the Zacks Consensus Estimate of a loss of $0.25. We expect investor focus to remain on the fate of diabetes candidate, Afrezza, which received a second CRL from the FDA in January 2011. The FDA asked the company to conduct two additional trials with Afrezza. The management expects to complete the trials in the second quarter of 2013. Positive results would allow MannKind to file the NDA by the third quarter of 2013. The company believes its funds are sufficient to finance operations into the fourth quarter of 2012. However, we believe the company will look to raise funds shortly. Inability to raise sufficient funds will jeopardize Afrezza’s future. We remain Neutral on the stock.”

Separately, analysts at JMP Securities upgraded shares of MannKind from a market perform rating to a market outperform rating in a research note to investors on Friday, August 10th.

Shares of MannKind traded up 0.78% during mid-day trading on Wednesday, hitting $2.60. MannKind has a one year low of $1.57 and a one year high of $3.48. The company’s market cap is $494.8 million.

MannKind last posted its quarterly earnings results on Tuesday, August 7th. The company reported ($0.23) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.24) by $0.01. Analysts expect that MannKind will post $-0.92 EPS for the current fiscal year.

MannKind Corporation (MannKind) is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.

http://www.jagsreport.com/2012/10/zacks-reaffirms-neutral-rating-on-mannkind-mnkd-2/