About two months ago, Goldman Sachs analyst Jay Olson downgraded MannKind from Neutral to Sell with a revised price target of $3 from $6. I thought that four weeks wasn’t enough time to forecast sales. Patients usually need to wait three months or more to get an appointment with a doctor who can prescribe Afrezza.
Here is a look at Afrezza prescriptions through Week 13. Total prescriptions (TRx) for the week ending April 17 was 180 and new prescriptions (NRx) was 134, according to RBC Capital, citing data from IMS. NRx has declined since Week 11.
Afrezza has experienced a poor launch. MannKind shares are currently trading down about 40% from February. RBC Capital reduced Afrezza sales forecasts for 2015 to $5 million from $46 million. Afrezza is not the only inhaled insulin. Pfizer launched Exubera in 2006 and discontinued soon due to poor sales. If given time, can Afrezza be a big drug? That is the question.