NEW YORK, NY / ACCESSWIRE / October 12, 2017 / MannKind and bluebird bio both dipped into red territory on Wednesday. Despite no negative news from bluebird, shares still sank nearly 5%. Shares of Mannkind, however, had a bigger loss, pulling back roughly 18% after rallying the day before when an analyst gave the stock a "buy" rating and a $7 price target. Shares of Mannkind have rallied 168% in the last month.
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bluebird bio, Inc.
MannKind Corporation's shares tanked in Wednesday trading, closing the day down 18.48%. It was only on Tuesday that the stock rallied after it was revealed that H.C. Wainwright raised its 12-month price target for the stock to $12. Analyst Oren Livnat of the firm gave the stock a "buy" rating and a $7 price target. The analyst noted, "We believe Afrezza inhaled insulin is a clearly differentiated meal-time insulin therapy vs. injectable market leaders Novolog and Humalog, which combine for $3.5B in the U.S. Besides the apparent advantages of a more convenient and less stigmatizing puff on an inhaler at meal-time vs. injections, the even greater value of Afrezza is its inherent "faster in, faster out" pharmacodynamics (PD), which more closely mimic endogenous insulin in healthy people. Faster in and out means that it should better control glucose at meal-time and lower risk of delayed hypoglycemia, which is the biggest risk of insulin therapy." The company also recently raised approximately $57.7 million net of expenses by selling 10,166,600 shares of common stock at $6 per share. Yesterday's losses were a pullback from the day's earlier gains.
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bluebird bio, Inc.'s shares closed down 4.71% on a little over one million shares traded yesterday. Though the company didn't have any significant news yesterday, it recently announced interim data from an initial cohort of 17 patients in the ongoing Phase 2/3 Starbeam Study (ALD-102) evaluating Lenti-D™ investigational gene therapy in boys with cerebral adrenoleukodystrophy (CALD). The data was published in the New England Journal of Medicine (NEJM). The company's chief scientific officer David A. Williams, M.D., who is also the senior vice president for research at Boston Children's Hospital and the President of Dana-Farber/Boston Children's Cancer and Blood Disorders Center, commented, "I have seen firsthand the devastation that CALD can inflict on these young boys and their families. However, when cerebral disease is detected early, it is possible to slow or stop the progression of a disease. Currently, allogeneic hematopoietic stem cell transplant is the only available therapy – but one that presents challenges for patients without a matched sibling donor. These data suggest that Lenti-D may also be a viable option for patients, and one that, being autologous, could potentially overcome some of the challenges associated with allogeneic stem cell transplantation. The results of this study represent the continued development of effective gene therapy approaches to human disease treatments."
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