An analyst from Wells Fargo has raised the price target for MannKind (NASDAQ: MNKD) to $11.00, a significant increase from its price of $3.77 at the time. MannKind is a biopharmaceutical firm that creates inhaled therapies. Its main product is Afrezza, an insulin for diabetes patients.
This positive outlook is tied to recent news. MannKind announced that the U.S. Food and Drug Administration (FDA) approved Afrezza for use in pediatric patients with diabetes. The approval expands the drug’s use to include children and adolescents aged six and older.
As highlighted by GlobeNewswire, this makes Afrezza the first and only inhaled mealtime insulin for this age group. Chief Executive Officer Michael Castagna called it a “truly historic moment,” noting it's the first alternative to mealtime injections for children in over 100 years.
To improve patient access, MannKind will offer Afrezza for $35.00 to anyone under the age of 23, regardless of insurance. The company states that cost at the pharmacy is a major barrier for families when they are considering a new therapy.
This approval, supported by data from a Phase 3 study, provides a needle-free treatment for children. As highlighted by Reuters, it offers more flexibility for managing meals, school, and sports for young patients and their families.
