NEW YORK (TheStreet) -- MannKind Corp. (MNKD) had coverage initiated on its shares with a "market perform" rating by Brinson Patrick. The firm set a price target of $12 on the shares.
MannKind stock is up 1.0% to $6.45 in premarket trading Tuesday.
Brinson Patrick believes that the biotech company's Afrezza drug will eventually be approved by the FDA and sees the focus of investors shifting from regulation concerns to business concerns.
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"We have a high level of conviction for approval. We view the votes and recommendations as a best-case-scenario for Afrezza, and envision a major partnership announcement soon," analysts said.
"We see little risk to approval, despite the PDUFA extension. With much of the approval risk behind Afrezza, we see investor focus shifting to labeling, commercial partnership, and successful launch," the note continued. "We expect the initial demand for Afrezza to be high considering statements made by the panel and open public hearing about its efficacy, safety, pharmacokinetics, and attractive size."
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