Maxim Group Downgrades MannKind (MNKD) to Sell; Sees Potential Bankruptcy

(Updated - February 28, 2018 12:42 PM EST)

(updated to add analyst comments)

Maxim Group downgraded MannKind (NASDAQ: MNKD) from Hold to Sell with a price target of $1.00.

Analyst Jason Kolbert commented, "MannKind's poor performance in the quarter and the need for cash may set up a downward spiral. We see a company with more debt than assets, so in essence the company could be forced to reorganize in bankruptcy proceedings. Combined with assuming multiple dilutive raises over the next several years in our model puts valuation at an extremely distressed level, at $1 per share."

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 $0.49 yesterday.

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