Editor’s Note: MannKind Corporation (NASDAQ:MNKD)
MannKind rewarded for positive Afrezza data with $40M financing (FierceBiotech)
MannKind’s positive take on interim Phase III data for its inhaled insulin Afrezza has a big sweetener tied to it. The Valencia, CA-based MannKind Corporation (NASDAQ:MNKD) has picked up a much-needed $40 million financing from Deerfield as a result of the data readout, the second of four tranches slated to provide MannKind with $160 million total. “The second tranche of convertible notes was subject to the achievement of Phase III data from studies 171 and 175 that met the primary efficacy endpoints of these studies and did not show any adverse safety issue that would reasonably be expected to prevent approval of Afrezza,” MannKind says in a release.
Zacks restated their neutral rating on shares of MannKind Corporation (NASDAQ:MNKD) in a report released on Wednesday, StockRatingsNetwork.com reports. Zacks currently has a $7.25 price objective on the stock. Zacks’ analyst wrote, “MannKind’s second quarter 2013 net loss of $0.16 per share was narrower than the year-ago loss of $0.23 but wider than the Zacks Consensus Estimate of a loss of $0.15. We expect investor focus to remain on Afrezza. MannKind completed both its late-stage studies (Affinity 1 and Affinity 2) on Afrezza and expects results from the studies soon. The company plans to resubmit the NDA for Afrezza later in the year. However, we remain concerned about the company’s over dependence on Afrezza.
MannKind Down 8 Percent on Analyst Downgrade But Traders Point Out a Flaw in the Logic (MNKD) (Breaking Finance News)
Shares of MannKind Corporation (NASDAQ:MNKD) are down more than 8 percent in afternoon trading Friday after an analyst downgrade. According to Seeking Alpha, Summer Street is suspicious of the results of its recently reported AFFINITY trial. Specifically, it said, that MannKind “released results on the injectable insulin and Dreamboat arms but withheld the results on the Medtone C-arm”
MLV Capital Increases MannKind Corp. Price Target to $11.00 (MNKD) (Zolmax)
Equities research analysts at MLV Capital raised their target price on shares of MannKind Corporation (NASDAQ:MNKD) from $8.00 to $11.00 in a research note issued to investors on Thursday, AnalystRatingsNetwork.com reports. The firm currently has a “buy” rating on the stock. MLV Capital’s price objective points to a potential upside of 65.66% from the company’s current price. A number of other firms have also recently commented on MNKD. Analysts at JMP Securities downgraded shares of MannKind Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Wednesday.
MannKind Corporation (NASDAQ:MNKD) Continues To Under pressure On High Volume (Market News Call)
Shares of MannKind Corporation (NASDAQ:MNKD) continues to be under pressure and slid another 9% in the opening session despite the company said that it satisfies conditions for second tranche of convertible note financing. Just after the news, the stock was up about 4% in pre-open session. The company announced that, pursuant to a Facility Agreement dated July 1, 2013 between Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, “Deerfield”) and MannKind, the conditions that obligate Deerfield to purchase the second $40 million tranche of 9.75% senior secured convertible notes (the “Convertible Notes”) have now been satisfied.
