MannKind (MNKD) Results Expected in Mid-August, Brinson Patrick Assumes at Market Outperform

June 21, 2013 2:18 PM EDT
Get Alerts MNKD Hot Sheet
Price: $0.64 -1.54%

Rating Summary:
    5 Buy, 4 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Brinson Patrick transfered coverage on MannKind (NASDAQ: MNKD), maintaining a Market Outperform rating and a modified price target of $9.00 (from $7.00). Analyst Vernon Bernardino expects a positive outcome from MannKind's AFFINITY trial, with results expected in mid-August.

"Driven by our projection for the release of positive AFFINITY trial results anticipated in August, we believe MNKD shares will rise appreciably over the next 3-12 month timeframe. Therefore, we encourage investors to accumulate positions at these levels," said Bernardino.

"With follow-up visits completed in May for patients enrolled in Study 171, the Phase III study with Afrezza in Type 1 diabetes, and follow-up visits completed earlier this week for the patients enrolled in Study 175, a Phase III study in Type 2 diabetes, we believe AFFINITY is on track to readout mid-August. We believe the stock, up 190% year-to-date (YTD), will continue to rise into the readout. Although share volatility is also up (98% YTD), we anticipate noise from investor speculation will continue to drive volatility up, providing investors with multiple attractive entry points prior to the release of AFFINITY results," added the analyst.

For an analyst ratings summary and ratings history on MannKind (NASDAQ: MNKD)click here. For more ratings news on MannKind click here.

Shares of MannKind closed at $6.70 yesterday.

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