MannKind (MNKD) PT Raised to $6.50 at Oppenheimer
Oppenheimer analyst Steven Lichtman raised the price target on MannKind (NASDAQ: MNKD) to $6.50 (from $5.50) while maintaining a Outperform rating.
The analyst commented, "MNKD's 4Q22 sales were led by the second full quarter of Tyvaso DPI royalty; up to $9M from $6M in 3Q. Afrezza revenue of $12M (+6% year/year) and incremental V-Go acquisition sales were about in line with our thinking. Afrezza GM was well ahead of forecast at ~92% (vs. 62% in 4Q21) and for the year, Afrezza gross margin was 80%. Drivers ahead include: BlueHale digital bluetooth inhaler for Afrezza (limited launch beginning in 2Q), V-Go integration into the Afrezza sales force bag, as well as continued expected build of Tyvaso DPI royalties. The company continues to focus on its longer-term pipeline build-out; it expects MNKD-101 (inhaled clofazimin for nontuberculous mycobacterial lung disease) to move to Phase 2/3 in 2H23."