Wedbush analyst Yun Zhong maintained a Buy rating on MannKind today and set a price target of $11.00.
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Yun Zhong has given his Buy rating due to a combination of factors surrounding MannKind’s recent developments and future potential. The acceptance of the sBLA for Afrezza for children and adolescents by the FDA, with a PDUFA date set, is a significant milestone. This acceptance is backed by positive results from the Ph3 INHALE-1 study, which demonstrated Afrezza’s comparable efficacy to multiple daily injections, suggesting a promising expansion in the addressable market.
Additionally, MannKind’s efforts to raise awareness about Afrezza among patients and physicians are seen as crucial for its commercial success. The company has reported increased net revenue, indicating a growing market presence, although current market penetration remains low. Furthermore, MannKind’s exploration of additional opportunities for Afrezza, such as studies in gestational diabetes and treatment-naive pediatric patients, highlights its commitment to expanding its market reach and potential growth.
According to TipRanks, Zhong is an analyst with an average return of -10.8% and a 42.31% success rate. Zhong covers the Healthcare sector, focusing on stocks such as MannKind, Ascendis Pharma, and Protagonist Therapeutics.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $11.00 price target.