Welcome To The Mannkind HUB On AGORACOM
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Message: Griffin Securites Report (Update Report) - 24 Jun 2013
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Excerpt:
"MANNKIND CORP. (NASDAQGM:MNKD)
A Threat of Competition Spooked Investors Yesterda
• MNKD share price dropped dramatically before making a partial recovery. Yesterday’s trading activity was unusual in volatility and number of shares traded. After opening at $7.58, the price fell to $5.81 and eventually firmed up at about $6.60. This volatility was accompanied by a frenetic trading pace that saw the day’s volume hit 38.1 million shares.
• A competitive technology is in clinical trials. Biodel has created a variety of formulations of insulin to facilitate the formation and stabilization of monomeric insulin molecules and the hormone’s uptake into the bloodstream after injection. A Phase 2, 120-patient trial is nearing completion and that news caused investors to trade first and to think later.
• We think the selloff was a mistake – Afrezza is the better drug. A key difference in pharmacokinetic profiles points to Afrezza having a superior side-effect profile with fewer serious hypoglycemic events. But even if Biodel continues development, its drug would need several years before it may be ready for FDA review. In contrast, Mannkind has completed its final two trials of Afrezza and it is preparing for a U.S. launch in 2014 and a European launch in 2015.
Enjoy, OOGWe reiterate our BUY recommendation and maintain our price target at $11.00. "
OOG
3 Recommendations
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