Wedbush analyst Andreas Argyrides has reiterated their bullish stance on MNKD stock, giving a Buy rating yesterday.
Andreas Argyrides has given his Buy rating due to a combination of factors that point towards the promising growth and future potential of MannKind. The company’s third quarter financial results are a significant contributor to this rating, with total revenues reaching $51.3M, which exceeded estimates and was primarily driven by the robust growth of Tyvaso DPI. This growth was due to high patient demand, as evidenced by an impressive increase in Q3 royalty revenues. Furthermore, management is expecting to expand the company’s manufacturing capability in 2024, which would significantly increase the number of Tyvaso DPI patients they can cater to.
In addition to this, the steady growth of Afrezza, MannKind’s first marketed product, also influenced Argyrides’ rating. An increase in patient demand, the Medicare Part D $35 insulin program, and lower gross-to-net adjustment led to a 24.3% YoY growth in Afrezza’s Q3 revenue. Management’s confidence in the minimal impact of GLP-1 therapies on Afrezza’s need in the market also played a role in the positive rating. Lastly, the company’s cash position at the end of Q3, which totaled $144.3M, indicates a sufficient financial runway that further justifies the Buy rating.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.50 price target.
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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.
Read More on MNKD:
- MannKind reports Q3 EPS 1c, consensus (2c)
- MannKind options imply 9.3% move in share price post-earnings
- MannKind Announces Completion of Enrollment in U.S. Phase 4 Inhale-3 Clinical Trial in Patients Living With Type 1 Diabetes
- MannKind completes enrollment in Phase 4 trial in diabetes
- MNKD Earnings Report this Week: Is It a Buy, Ahead of Earnings?
