MannKind stock price target raised to $11 by H.C. Wainwright on Tyvaso success

Investing.com - H.C. Wainwright raised its price target on MannKind (NASDAQ:MNKD) to $11.00 from $9.00 on Wednesday, while maintaining a Buy rating on the stock. The company’s shares have surged nearly 27% in the past week, reflecting strong investor confidence. According to InvestingPro data, MannKind maintains healthy liquidity with a current ratio of 2.5.

The price target increase follows United Therapeutics’ announcement on Tuesday that Tyvaso (treprostinil) Inhalation Solution met its primary efficacy endpoint in a clinical trial for idiopathic pulmonary fibrosis (IPF).

The TETON-2 study demonstrated that Tyvaso showed superiority over placebo, improving absolute forced vital capacity (FVC) by 95.6 mL from baseline to week 52 in IPF patients, with a statistically significant p-value of less than 0.0001.

Benefits were observed across all patient subgroups, including those on different background therapies, varying smoking status, and supplemental oxygen use. The drug also showed statistically significant improvements in most secondary endpoints, including time to first clinical worsening event.

United Therapeutics plans to use data from both the completed TETON-2 study and the ongoing TETON-1 study to support a supplemental New Drug Application to the FDA, seeking to add IPF as an approved indication for nebulized Tyvaso.

In other recent news, MannKind Corporation reported its second-quarter earnings, which met profit expectations with adjusted earnings of $0.05 per share. However, the company’s revenue fell short of analyst estimates, coming in at $76.53 million against a projected $77.83 million, despite a 6% increase from the previous year. MannKind also announced its acquisition of scPharmaceuticals Inc., a deal valued at up to $360 million, which includes a cash payment of $5.35 per share and contingent value rights. This acquisition adds FUROSCIX, a treatment for fluid overload, to MannKind’s portfolio. RBC Capital responded to this development by raising its price target for MannKind to $8.00, maintaining an Outperform rating. Additionally, MannKind expanded its collaboration with United Therapeutics, receiving a $5 million upfront payment. This amendment involves using MannKind’s Technosphere platform for a new investigational product. These developments reflect significant strategic moves by MannKind in recent times.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.