NEW YORK (TheStreet) -- ManKind
(MNKD) shares are dropping, down -4.6% to $10.45, in early market trading on Tuesday after analysts at MLV & Co downgraded the biopharmaceutical company's stock to "hold" from "buy".
The downgrade comes a day after the stock jumped double digits after the company had its aerosol delivered insulin treatment, Afrezza, approved by the FDA.
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Analysts at the firm are tempering expectations until the drug treatment proves to be a viable seller.
"Our next immediate focus is the commercial partnership for Afrezza. Which pharma MNKD secures as a partner and partnership deal terms will be major factors in determining how the market (and stock) reacts. We expect partnership news in the next two to three months (but are hopeful it could come sooner), and note that we'll likely use that event as an opportunity to re-evaluate our views on the stock and Afrezza's prospects.