To reflect MannKind's ability to raise capital "at valuations far above what we would have expected," Piper Jaffray analyst Joshua Schimmer doubled his price target for the shares to 10c from 5c. The stock is trading down 20c to $1.12 in the pre-market after MannKind reported Q1 results and announced a 48.54M share registered direct public offering that priced at $1.03 per share. The financing seems to extend the company's cash runway through early 2017, Schimmer tells investors in a research note. The analyst still struggles to see how MannKind's "cash-strapped launch plans" can drive meaningful adoption of Afrezza in a difficult insulin market. He reiterates an Underweight rating on MannKind.