The stock surged by double digits on Monday but declined Tuesday after MLV & Co. downgraded the stock to "hold" from "buy." The firm is curbing its expectations for Afrezza until the next step in the process.
"Our next immediate focus is the commercial partnership for Afrezza," the firm wrote in a research note. "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."
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The stock was down 4.48% to $9.86 at 12:11 p.m.