Piper Jaffray Doubles MannKind (MNKD) PT to 10 Cents

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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