MannKind Buy Rating Affirmed by Analyst Thomas Smith on Strong Revenue Growth and Promising Clinical Developments

Leerink Partners analyst Thomas Smith reiterated a Buy rating on MannKind (MNKD – Research Report) on May 8 and set a price target of $7.00.

Thomas Smith has given his Buy rating due to a combination of factors including MannKind’s significant year-over-year revenue growth and its positive clinical advancements. In the first quarter of 2024, MannKind reported substantial revenue increases, with a 63% growth compared to the first quarter of the previous year. This impressive financial performance was bolstered by the strong performance of Tyvaso DPI, which saw its royalty revenues nearly double due to heightened patient demand and increased production for its partner UTHR. This financial success is further supported by the promising commercial performance of Afrezza, MannKind’s inhaled insulin product, which benefited from expanded field reimbursement teams and additional medical resources.
Furthermore, Smith is optimistic about MannKind’s pipeline, where upcoming clinical data presentations could potentially enhance the company’s market position. The anticipation of the INHALE-1 and INHALE-3 trial results, particularly the latter’s presentation at an upcoming ADA meeting, points to potential FDA label expansion in the near future. Additionally, positive updates on early-stage assets MNKD-101 and MNKD-201 indicate a healthy and progressing research pipeline. Coupled with a robust cash balance that offers operational and strategic flexibility, these factors contribute to Smith’s conviction in a Buy rating for MannKind’s stock.

According to TipRanks, Smith is a top 100 analyst with an average return of 37.0% and a 44.93% success rate. Smith covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences, Keros Therapeutics, and Celldex.

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MannKind (MNKD) Company Description:

MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and, commercialization of therapeutic products for diseases, such as diabetes and cancer. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Westlake Village, CA.