Multiple 2026 Regulatory, Pipeline, and Partnership Catalysts Underscore MannKind’s Underappreciated Growth Potential and Support Reiterated Buy Rating

Analyst Brandon Folkes of H.C. Wainwright reiterated a Buy rating on MannKind, retaining the price target of $11.00.

Brandon Folkes has given his Buy rating due to a combination of factors that, in his view, create multiple avenues for upside in MannKind’s outlook through 2026 and beyond. He highlights that the company has already exceeded $100M in quarterly revenue in 4Q25, which suggests that current 2026 consensus revenue estimates may be conservative, especially if upcoming regulatory decisions are favorable. Folkes underscores that three significant regulatory events in 2026—two label-related decisions for Afrezza (including pediatric use and improved dose conversion for mealtime insulin switching) and an sNDA for the FUROSCIX ReadyFlow autoinjector—could meaningfully expand the addressable market and accelerate revenue growth sooner than previously modeled.

He also points to MannKind’s pipeline progress as an additional driver of long-term value, particularly the advancement of inhaled nintedanib (MNKD-201) from Phase 1b into a global Phase 2 trial in 2026, alongside continued preclinical work on other inhaled therapies. On the partnership side, he views the upcoming TETON-1 data readout and the expected Tyvaso DPI bridging study as reinforcing the strength and durability of MannKind’s royalty stream. Taken together, these product, pipeline, and partnership catalysts lead Folkes to conclude that the market is underestimating MannKind’s growth potential, supporting his reiterated Buy rating and $11 price target.