What happened? Shares of MannKind Corporation (NASDAQ: MNKD) are rising sharply on Wednesday thanks to bullish commentary from a Wall Street analyst. As of 2:37 p.m. EST, the biopharmaceutical company's shares were up by 10.8%, after rising by as much as 18.4% earlier in the day. So what BTIG analyst Robert Hazlett doubled his price target for MannKind to $8, up from $4. The analyst also kept a buy rating on the stock. As of this writing, the company's shares are changing hands for $5.84 apiece, meaning Hazlett's price target still represents a juicy premium over MannKind Corporation's current levels. Why is the analyst so bullish on this small-cap biopharmaceutical company? One of the main reasons behind Hazlett's enthusiasm is MannKind's Treprostinil Technosphere (also know as Tyvaso DPI), a potential treatment for idiopathic pulmonary fibrosis that the company is developing in collaboration with United Therapeutics. Image source: Getty Images. According to Hazlett, this product could have the potential to generate over $1 billion in sales. MannKind recorded total revenue of $46.7 million during the first three quarters of 2020. A therapy that can rack up $1 billion in sales could indeed be a game changer for the healthcare company. Now what It's always worth taking analyst recommendations with a grain of salt. In this case, while MannKind Corporation's Treprostinil Technosphere does seem like a promising candidate, it still has important regulatory hurdles to cross. The company's only product on the market at the moment doesn't generate a whole lot of revenue, and its other pipeline candidates are still in their early stages. Investors should keep those risks in mind before buying shares of MannKind Corporation. 10 stocks we like better than MannKind CorporationWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and MannKind Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source