Leerink Swann Downgrades MannKind (MNKD) to Underperform; Not Enough Visibility on Afresa's Future
MNKD Hot Sheet
Rating Summary:3 Buy, 3 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Leerink Swann downgrades MannKind (Nasdaq: MNKD) from Market Perform to Underperform and a $5/share valuation.
Leerink analyst says, "While Afresa's profile is differentiated and attractive, in our view, the company has to convince a corporate partner as well as the FDA, patients and physicians that this is the case. We believe that with the recent share price appreciation MNKD's valuation only partially reflects residual challenges from Exubera's short-lived and disastrous time on the market, and we regret that we cannot recommend owning the shares until we have greater visibility into Afresa's future."
"Partnership Deal Targeted for End of 3Q09: While we lack clarity on the likelihood or timing of such a deal, we believe Sanofi-Aventis (NYSE: SNY) is the most logical partner given its dominant presence in long-acting insulins but poor market presence in fast-acting insulins. SNY may see Afresa as a way to tear apart pre-mixed insulins into separate rapid-acting (inhaled) and long-acting components to help drive Lantus uptake."
To see more analyst ratings on MNKD Click Here.
MannKind Corporation (MannKind) is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.
Leerink analyst says, "While Afresa's profile is differentiated and attractive, in our view, the company has to convince a corporate partner as well as the FDA, patients and physicians that this is the case. We believe that with the recent share price appreciation MNKD's valuation only partially reflects residual challenges from Exubera's short-lived and disastrous time on the market, and we regret that we cannot recommend owning the shares until we have greater visibility into Afresa's future."
"Partnership Deal Targeted for End of 3Q09: While we lack clarity on the likelihood or timing of such a deal, we believe Sanofi-Aventis (NYSE: SNY) is the most logical partner given its dominant presence in long-acting insulins but poor market presence in fast-acting insulins. SNY may see Afresa as a way to tear apart pre-mixed insulins into separate rapid-acting (inhaled) and long-acting components to help drive Lantus uptake."
To see more analyst ratings on MNKD Click Here.
MannKind Corporation (MannKind) is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.
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