Thomas Smith, an analyst from Leerink Partners, reiterated the Buy rating on MannKind (MNKD – Research Report). The associated price target is $7.00.
Thomas Smith has given his Buy rating due to a combination of factors including MannKind’s impressive financial performance in the fourth quarter of 2023 and the potential of their therapeutic portfolio. The company’s total revenues for 2023 almost doubled year-over-year, with the fourth quarter alone seeing a 62% increase compared to the same quarter the previous year. This financial strength was largely due to the success of Tyvaso DPI, a product for pulmonary hypertension, which has maintained strong launch momentum. Additionally, the company’s endocrine business unit, which includes the inhaled insulin Afrezza, showed a positive contribution, likely bolstered by the Medicare insulin price cap.
Moreover, Smith sees the robust cash balance of MannKind as an indicator of the company’s operational and strategic flexibility. He views the commercialization of Tyvaso DPI as the main contributor to MannKind’s near-term value, while also acknowledging the potential of MNKD-101 and MNKD-201 for treating rare lung diseases as longer-term, undervalued assets. The record revenues in manufacturing-related earnings for the fourth quarter, which surpassed estimates, further demonstrated the company’s growth trajectory and market demand, reinforcing Smith’s positive outlook on MannKind’s stock.
In another report released on February 28, Oppenheimer also maintained a Buy rating on the stock with a $6.50 price target.
MNKD’s price has also changed moderately for the past six months – from $4.770 to $3.920, which is a -17.82% drop .
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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 Corporation Reports 2023 Fourth Quarter and Full Year Financial Results: Provides Clinical Development Update
- MannKind reports Q4 EPS 0c, consensus 0c
- MannKind options imply 10.8% move in share price post-earnings
- Is MNKD a Buy, Before Earnings?
- MannKind Corporation to Hold 2023 Fourth Quarter and Full Year Financial Results Conference Call on February 27, 2024
