Piper Jaffray analyst Joshua Schimmer says MannKind's Q3 results and outlook "seem grim" given the "disappointing" launch of Afrezza and the company's increasing net-debt position. MannKind's "increasingly desperate" new financing pursuits such as opening up a Tel-Aviv listing are only short-term fixes to a "deeper, potentially critical liquidity concern," Schimmer tells investors in a post-earnings research note. The company's problems will only get worse next year should Sanofi (SNY) return the rights to Afrezza, the analyst adds. He reiterates an Underweight rating on the stock with a $1.50 price target. Schimmer sees "little reason" to own MannKind. The maker of inhaled insulin Afrezza closed yesterday down 24c to $2.63.