Oppenheimer lowered the firm’s price target on MannKind (MNKD) to $10 from $15 and keeps an Outperform rating on the shares after removing MNKD-101/NTM from its pipeline valuation. The firm cites discontinuation of the Phase 3 ICoN-1 trial for nontuberculosis mycobacterial lung disease after a review by the Data Safety Monitoring Board determined that proceeding with the study would be futile as no sputum culture conversions were observed.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MNKD:
- MannKind’s Strategic Advancements and Product Potential Justify Buy Rating Despite MNKD-101 Discontinuation
- Midday Fly By: Insurers slip as Senate spending bill lacks ACA extension
- H.C. Wainwright remains bullish on MannKind despite disappointing MNKD-101 news
- MannKind’s Resilience and Growth Potential: A Buy Rating Amid Setbacks and Opportunities
- MannKind Halts Phase 3 Trial for MNKD-101