Piper Jaffray Doubles MannKind (MNKD) PT to 10 Cents
Get Alerts MNKD Hot Sheet
Rating Summary:
9 Buy, 3 Hold, 6 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 8 | New: 13
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Piper Jaffray analyst Joshua Schimmer doubled his price target on MannKind (NASDAQ: MNKD) to $0.10 (from $0.05) following Q1 results and its updated cash burn. The firm maintained an Underweight rating on the stock.
Schimmer commented, "After the close MNKD reported 1Q16 results ending the quarter with $28M cash and $30M available for borrowing under the loan agreement with the Mann group, and $47M net proceeds from a public offering at $1.03/share (20% discount from closing price) plus warrants. This seems to extend the company's cash runway through early 2017, although there are a number of debt obligations which will need to be funded. We still struggle to see how MNKD's cash-strapped launch plans can drive meaningful adoption of Afrezza in a difficult insulin market where diabetes specialists we've spoken to see it as a niche drug at base."
For an analyst ratings summary and ratings history on MannKind click here. For more ratings news on MannKind click here.
Shares of MannKind closed at $1.32 yesterday.
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