NEW YORK (TheStreet) -- Shares of MannKind (MNKD) are in the red, sliding by 6.96% to $3.54 in late morning trading Monday, after JPMorgan Chase analysts downgraded the biotech company to "underweight" from "neutral" this morning.
The firm removed its year-end price target of $6, and said Afrezza's launch struggles could be difficult to overcome.
Afrezza, the company's signature drug, is an inhalable product to treat diabetes.
On Friday, Piper Jaffray slashed their price target in half to $3.50 from $7 with a "neutral" rating.
Piper lowered its price target following the company's first-quarter results and a disappointing sales update on Afrezza.
Piper noted heightened concerns regarding MannKind's financial position following the quarterly results.
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.