Piper Jaffray today maintained an Overweight rating on MannKind (NASDAQ: MNKD) and boosted its price target to $8.40 (from $6.00). Analyst Ian Somaiya believes data will support FDA approval of Afrezza inhaled insulin. This will set the stage for a "lucrative licensing agreement" with potential partners that may include Bristol-Myers Squibb Company (NYSE: BMY) / AstraZeneca PLC (NYSE: AZN), Novo Nordisk (NYSE: NVO), Eli Lilly and Company (NYSE: LLY), or Sanofi (NYSE: SNY).
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Shares of MannKind closed at $6.25 yesterday, with a 52 week range of $1.82-$8.06.