MannKind assumed with an Outperform at Leerink

Leerink assumed coverage of MannKind (MNKD) with an Outperform rating with a price target of $8, up from $7, as part of the firm’s initiation of coverage of the Emerging Immunology sector. Leerink sees multiple avenues for potential additional value creation beyond the company’s current base business and robust royalty stream. The firm likes MannKind’s both short-term and long-term setup, as in the short term the company continues to benefit from a robust royalty stream from United Therapeutics’ (UTHR) Tyvaso DPI and long-term is well-positioned with a partially de-risked pipeline of inhaled therapies for orphan lung indications.