NEW YORK (TheStreet) -- Shares of MannKind (MNKD) were sliding, down 3.98% to $3.86 in midday trading Friday, after analysts at Piper Jaffray slashed their price target on the biotech company in half to $3.50 from $7 this morning.
The firm lowered its price target following the company's first-quarter results and a disappointing sales update on its signature drug Afrezza, an inhalable product to treat diabetes.
Piper maintained its "neutral" rating, but noted heightened concerns regarding MannKind's financial position following the quarterly results.
The biotech company posted a loss of 8 cents per share, and no revenue figure was reported late Thursday.
Analysts were expecting a loss of 9 cents per share. The consensus first-quarter revenue estimate for MannKind was $5.04 million, according to S&P Capital IQ.
MannKind is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes. The company is based in Valencia, Calif.