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Piper Jaffray downgraded Mankind (MNKD
) to market perform from outperform.
Analyst Thomas Wei says recent litigation may weigh on Mankind stock, so he downgrades. He notes that in an 8-K filing last week, Mankind disclosed recently initiated litigation between the company and its departed chief medical officer, Wendell Cheatham.
Wei notes Dr. Cheatham claimed wrongful termination and raised allegations of false statements made by the company in a March letter to the FDA, which requested a meeting with the FDA to discuss the manufacturing process for Technosphere Insulin.
In the wake of uncertainty on timelines, manufacturing allegations, and pending litigation, he lowers his $20 target price to $13.