My broker at Merrill Lynch sent me a copy of their "Morning Meeting Notes" from yesterday that has at the top of the page " A.M. Call: MNKD (Resume at BUY) ". Below that it reads :
Initiating/Reinstating Coverage
Mannkind Corporation (MNKD, U.S. $1.98, c-1-9 )
Next catalyst likely positive; Moving to Buy with $3 PO
"We are resuming coverage of MNKDE and upgrading to Buy. While the stock is not inexpensive (current enterprise value is $800mn ), we see relatively modest risk in coming quarters, and believe the next meaningful catalyst (phase 3 read-out in mid-2013 ) has a high probability of being favorable. The recent equity offering removed a near-term overhang and provides sufficient cash through phase 3 data and response to Jan 2011 CRL, though we note this came at the cost of increasing the fully diluted share count from 211mn. to 334 mn. Assuming positive phase 3 data, we model an early 2014 U.S. approval. "
I know that Merrill Lynch recently publicly upgraded, so if this is the same wording in that I apologize - I have not read what they put out. Hope this provides something new to the board that is considered relevant. GO MNKD ! GO MR. MANN !
