Zacks reissued their neutral rating on shares of MannKind (NASDAQ: MNKD) in a report released on Wednesday. Zacks currently has a $2.50 target price on the stock.
Zacks’ analyst wrote, “MannKind’s fourth quarter 2012 net loss of $0.23 per share was narrower than the year-ago loss of $0.30 but wider than the Zacks Consensus Estimate of a loss of $0.18. A higher share count following the issuance of shares in Oct 2012 accounted for the lower year-over-year loss. More than financial results, we expect investor focus to remain on Afrezza. MannKind expects to present results on Afrezza in mid-August this year. The company plans to resubmit the New Drug Application (NDA) for Afrezza in late September or early October this year with a final decision for the candidate expected in Apr/Mar 2014. However, we remain concerned about the company’s over dependence on Afrezza. We see limited upside from current levels and retain our Neutral stance on the stock. “
Separately, analysts at Brinson Patrick initiated coverage on shares of MannKind in a research note to investors on Monday, December 3rd. They set an outperform rating and a $6.00 price target on the stock.
MannKind traded down 1.59% on Wednesday, hitting $2.47. MannKind has a 1-year low of $1.57 and a 1-year high of $3.11. The stock’s 50-day moving average is currently $2.50. The company’s market cap is $566.2 million.
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