Speaking to Benzinga, Griffin Securities Analyst Dr. Keith Markey said that after MannKind Corporation MNKD founder Alfred Mann retires from his role as CEO, the new management will probably not pursue a merger with Sanofi SA (ADR) SNY.
"I think what they’re going to do next is actually build out their R&D pipeline," he said.
Shares of MannKind were trading down 5 percent, but Markey doesn’t think that’s related to the retirement announcement.
"Frankly, a 3 percent or even a 5 percent change in the value of the stock doesn’t mean anything. It changes that much every day practically, so I would say it’s not even worth talking about," he said.
Sanofi, contrast, was trading 0.5 percent up in Monday's session.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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