Jefferies reiterates Mannkind's hold rating

Mannkind Corp. was reiterated by Jefferies & Co. Inc. analyst Adam Walsh at a hold rating and the price target was lowered to $12 from $15 due to expected dilution from additional financing necessary for fiscal year 2008. Jefferies said the company reported third-quarter loss per share of $0.73, $0.15 below Jefferies' estimates. A high cash burn rate and lack of a corporate partner drive Jefferies' conservative stance. Shares of the Valencia, Calif.-based biopharmaceutical company were down $0.22, or 1.83%, at $11.80 on volume of 132,195 shares versus the three-month running average of 219,836 shares.

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