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Wednesday, December 29, 2010

MannKind's (NASDAQ:MNKD) Afrezza FDA Delay a Neutral Event

MannKind (NASDAQ:MNKD) would have liked to have had the FDA give them a positive decision concerning Afrezza, but Wells Fargo (NYSE:WFC), while acknowledging it could cause problems if the delay is for a long period of time, considers it a neutral event over the short term.

Wells said, "We maintain our rating on the potential for Afrezza. Though a positive decision would have been preferred, we think a short delay by the FDA is better than a complete response letter (CRL) and should be viewed as a generally neutral outcome. Additional approval delays could become problematic but we think MNKD should be able to fund operations through 2011 with cash and credit currently available."

Wells Fargo maintains an "Outperform" rating on MannKind, which closed Tuesday at $8.23, gaining $0.26, or 3.26 percent. Wells has a price target range of $11 to $13 on them.

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