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Biotech / Medical : Mannkind Corporation

MNKD 5.625

-1.3%

Nov 7 9:30 AM EST

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From: Savant	8/27/2014 10:53:31 PM
	of 84

MannKind: Why Jefferies Says Buy -- Barron's Blog Aug 27, 2014 15:55:00 (ET) By Ben Levisohn Shares of MannKind ( MNKD) have gained 1.8% to $7.47 at 3:49 p.m. today after Jefferies initiated the company at Buy. Jefferies analyst Shaunak Deepak explains why he's bullish on MannKind's shares: The Street Is Negatively Biased Against Afrezza Launch. MannKind is off 33% sincethe Afrezza approval, reflecting negative Street sentiment about the Sanofi partnership and upcoming launch. Key concerns include docs not adopting Afrezza as a first-line insulin, aggressive counter-detailing from Novo and Eli Lilly ( LLY) to protect their stake in the $6b+ mealtime insulin market, and a bad track record with the only other approved inhaled insulin, Exubera. We Believe Afrezza Could Radically Grow Mealtime Insulin Use. We believe Afrezza could address a major unmet need among patients poorly controlled with oral drugs that have not advanced to injectable agents. Surveys of insulin non-adherence suggest a not insubstantial portion of patients reject insulin due to reluctance to take shots. Accounting for other factors that influence patient avoidance of insulin, we believe Afrezza could be used as a first-line insulin for almost 8% of type 2 patients failing oral drugs, worth $1.6b in peak U.S. sales. We believe Sanofi would promote Afrezza as a first-line insulin to gain and retain patients for its $8b+ insulin franchise. Deepak initiated MannKind with a price target of $10, 34% higher than its current price.

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