Truist Securities initiated coverage on MannKind (NASDAQ: MNKD) with a Buy rating and a $9 price target.
The firm said it remained encouraged by MannKind’s execution across both commercial and development programs. Its valuation outlook was driven primarily by Tyvaso DPI royalty revenue, with Truist projecting continued growth in idiopathic pulmonary fibrosis (IPF) and pulmonary hypertension associated with interstitial lung disease (PPF) supported by ongoing development and marketing efforts from partner United Therapeutics (UTHR). The firm estimated peak revenue of ~$300 million for the franchise by 2030.
Additional upside was seen coming from Afrezza in diabetes—potentially expanding into pediatric use next year—and Furoscix, added through the acquisition of scPharma. Truist added that MannKind’s orphan-lung pipeline provided further diversification and long-term growth opportunities.
