Momenta Pharmaceuticals Inc. (MNTA) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $13.00 target price on the biotechnology company’s stock.
According to Zacks, “Momenta focus on developing generic versions of complex drugs and biosimilars. The company received a major boost with the FDA’s approval of Glatopa, a generic version of Teva’s Copaxone (20 mg/mL). The drug has captured nearly 38% of the once-daily Copaxone 20 mg market. Momenta’s efforts to develop its biosimilars pipeline have been impressive. We are also encouraged by the company’s collaboration with Sandoz for Glatopa. Moreover, the company’s partnership with Mylan for six of its current biosimilar candidates has bright prospects. However, we remain concerned about pricing pressure in the generic market. Also, the company received a setback when it decided to discontinue patient enrolment in a phase II study on necuparanib on the recommendation of an independent Data Safety Monitoring Board following the outcome of a planned interim futility analysis.”
A number of other research analysts have also recently commented on MNTA. Goldman Sachs Group Inc. started coverage on shares of Momenta Pharmaceuticals in a report on Monday, June 6th. They issued a neutral rating and a $14.00 target price for the company. Brean Capital set a $19.00 price objective on shares of Momenta Pharmaceuticals and gave the company a buy rating in a report on Friday, August 5th. JPMorgan Chase & Co. dropped their price objective on shares of Momenta Pharmaceuticals from $21.00 to $15.00 and set an overweight rating for the company in a report on Friday, August 5th. Cowen and Company reiterated a hold rating on shares of Momenta Pharmaceuticals in a report on Sunday, August 7th. Finally, Maxim Group lowered shares of Momenta Pharmaceuticals from a hold rating to a sell rating and set a $6.00 price objective for the company. in a report on Wednesday, September 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Momenta Pharmaceuticals presently has a consensus rating of Hold and a consensus price target of $16.00.
Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) traded up 1.37% on Tuesday, reaching $11.86. 48,682 shares of the company were exchanged. Momenta Pharmaceuticals has a 12 month low of $7.86 and a 12 month high of $18.85. The company’s 50-day moving average price is $11.96 and its 200 day moving average price is $10.92. The company’s market cap is $813.56 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.01. The firm earned $26.40 million during the quarter, compared to analysts’ expectations of $23.55 million. Momenta Pharmaceuticals had a negative net margin of 126.37% and a negative return on equity of 28.76%. The business’s revenue for the quarter was down 41.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) earnings per share. On average, equities research analysts expect that Momenta Pharmaceuticals will post ($1.25) EPS for the current year.
In related news, President Craig A. Wheeler sold 5,880 shares of Momenta Pharmaceuticals stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $12.02, for a total value of $70,677.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in Momenta Pharmaceuticals by 2.6% in the second quarter. FMR LLC now owns 10,632,879 shares of the biotechnology company’s stock valued at $114,835,000 after buying an additional 265,713 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Momenta Pharmaceuticals by 4.5% in the second quarter. BlackRock Fund Advisors now owns 4,922,956 shares of the biotechnology company’s stock valued at $53,168,000 after buying an additional 210,607 shares during the period. Fiera Capital Corp bought a new position in shares of Momenta Pharmaceuticals during the second quarter valued at $26,019,000. Palo Alto Investors LLC boosted its position in shares of Momenta Pharmaceuticals by 10.9% in the second quarter. Palo Alto Investors LLC now owns 1,629,076 shares of the biotechnology company’s stock valued at $17,594,000 after buying an additional 160,300 shares during the period. Finally, Sector Gamma AS boosted its position in shares of Momenta Pharmaceuticals by 17.3% in the second quarter. Sector Gamma AS now owns 914,979 shares of the biotechnology company’s stock valued at $9,882,000 after buying an additional 134,666 shares during the period. 81.08% of the stock is owned by institutional investors and hedge funds.
About Momenta Pharmaceuticals
Momenta Pharmaceuticals, Inc is a biotechnology company. The Company is focused on developing generic versions of drugs, biosimilars and therapeutics for oncology and autoimmune disease. It focuses on three product areas: Complex Generics, Biosimilars and Novel Therapeutics. It has developed generic version of Lovenox (enoxaparin sodium injection).
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