MannKind's (MNKD) top-line data from the phase 1b INFLO-1 study evaluating nintedanib dry powder inhalation in patients with idiopathic pulmonary fibrosis is "positive," Wedbush said in a Thursday note.

The firm said nintedanib data indicated a comparable cough rate and a significantly higher plasma Cmax, and therefore, more efficient delivery to the deep lung, compared to a nebulized formulation.

Guidance on the timing for data readout from the second phase of the trial is expected in H2 once there is clarity on the pace of patient enrollment, Wedbush said.

The firm said that "positive" INFLO-1 data marks an important forward step for MannKind as it builds a diversified product portfolio with proven technology to target a multi-billion-dollar market opportunity.

Wedbush has an outperform rating and an $8 price target on the stock.

Shares of the company were up 4% in Thursday trading.

Price: 4.01, Change: +0.16, Percent Change: +4.03