Leerink analyst Faisal Khurshid notes that MannKind’s (MNKD) shares are trading down about 30% following United Therapeutics’ (UTHR) Q4 earnings call, where the latter unveiled a new proprietary soft mist inhaler for Tyvaso, which management described could reduce cough by up to 90%, a side effect of Tyvaso DPI that has been a concern for investors. United’s new SMI could introduce a potential overhang on the durability of MannKind’s future Tyvaso DPI royalty stream, but the details are limited, and the firm thinks it will be important to see how both companies message around this going forward. With that said, Leerink believes today’s selloff could be an overreaction to headline news. The firm has an Outperform rating on MannKind.
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