MannKind downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded MannKind (MNKD) to Sector Perform from Outperform with a price target of $3.50, down from $7.50. The firm believes the company’s Tyvaso DPI royalty outlook will likely remain a share overhang as data will not be available until 2027. United Therapeutics’ (UTHR) pursuit to launch a soft mist inhaler treprostinil device, if approved, in 2027 and an apparent decision to not conduct bridging studies, present “significant risks” to MannKind’s Tyvaso DPI royalties and collaboration revenues, the analyst tells investors in a research note.