BofA/Merrill Lynch Remains Cautious on MannKind (MNKD) Ahead of Afrezza Launch

BofA/Merrill Lynch analyst Steve Byrne reiterated an Underperform rating and $4 price target on MannKind (NASDAQ: MNKD) following Q3 earnings and ahead of the Afrezza launch. The analyst notes that on the call the company highlighted that Sanofi is fully committed to the launch of Afrezza in spite of its CEO termination and weakness in basal insulin pricing.

"While the company provided limited details on commercial plans (some reps will have Afrezza as primary detail), we expect additional details at Sanofi’s business update in Cambridge on November 20th," Byrne commented. "We note that Sanofi is a very strong partner in the diabetes space, but we remain cautious about Afrezza’s penetration in the increasingly competitive diabetes market."

The firm adjusted FY 2014 EPS from ($0.06) to ($0.53), FY 2015 EPS from ($0.32) to ($0.25) and FY 2016 EPS from ($0.03) to ($0.10).

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 $5.92 yesterday.

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