H.C. Wainwright analyst Brandon Folkes reiterated a Buy rating on MannKind today and set a price target of $11.00.
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Brandon Folkes has given his Buy rating due to a combination of factors, primarily driven by the positive data from the TETON-2 study. The study showed that Tyvaso, a product associated with MannKind, met its primary efficacy endpoint, demonstrating significant improvement in forced vital capacity in patients with idiopathic pulmonary fibrosis (IPF). This success not only highlights the product’s potential but also opens the door for label expansion, which could significantly increase the addressable market for Tyvaso.
Furthermore, the potential label expansions could add a substantial number of patients, thereby increasing the royalty revenue for MannKind. The announcement of these positive results alleviates previous concerns that had been a drag on the stock, allowing it to move closer to its intrinsic value. As a result, the analyst has raised the price target for MannKind shares, reflecting the anticipated growth and reduced risk associated with the stock.
Folkes covers the Healthcare sector, focusing on stocks such as Omeros, Eupraxia Pharmaceuticals, and MannKind. According to TipRanks, Folkes has an average return of -4.9% and a 38.49% success rate on recommended stocks.
In another report released today, Wedbush also maintained a Buy rating on the stock with a $11.00 price target.