BTIG analyst Robert Hazlett initiated coverage of MannKind (MNKD) with a Buy rating and $3 price target.

The stock closed Monday down 2c to $1.23.

With the advancements of continuous glucose monitor technologies, tighter glycemic control will become more of a focus, and MannKind's Afrezza "can play a material role," Hazlett tells investors in a research note.

The analyst estimates inhaled insulin Afrezza's peak U.S. sales at greater than $350M. Mannkind's recently revamped management is attempting to energize Afrezza through publications of differentiating data, which can improve acceptance among physicians and patients, helping "solid growth continue," according to Hazlett.