Momenta Pharmaceuticals Inc. (MNTA) Stock Rating Upgraded by Zacks Investment Research
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $14.00 target price on the biotechnology company’s stock. Zacks Investment Research’s price objective points to a potential upside of 11.29% from the company’s previous close.
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. The loss estimates have gone down lately ahead of the company’s Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters.”
MNTA has been the subject of several other reports. Maxim Group downgraded Momenta Pharmaceuticals from a “hold” rating to a “sell” rating and set a $6.00 price objective for the company. in a research note on Wednesday, September 7th. Cowen and Company reaffirmed a “hold” rating on shares of Momenta Pharmaceuticals in a research note on Sunday, August 7th. Brean Capital set a $19.00 price objective on Momenta Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 5th. JPMorgan Chase & Co. reduced their price objective on Momenta Pharmaceuticals from $21.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, August 5th. Finally, Barclays PLC raised Momenta Pharmaceuticals from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $13.00 to $19.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $15.78.
Momenta Pharmaceuticals (NASDAQ:MNTA) traded down 1.232% during trading on Thursday, hitting $12.425. The stock had a trading volume of 180,592 shares. The stock’s 50 day moving average price is $11.96 and its 200 day moving average price is $11.03. The firm’s market cap is $852.32 million. Momenta Pharmaceuticals has a 12-month low of $7.86 and a 12-month high of $18.85.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.01. Momenta Pharmaceuticals had a negative return on equity of 28.76% and a negative net margin of 126.37%. The business earned $26.40 million during the quarter, compared to the consensus estimate of $23.55 million. During the same period in the previous year, the business earned ($0.04) EPS. The business’s quarterly revenue was down 41.2% on a year-over-year basis. On average, analysts anticipate that Momenta Pharmaceuticals will post ($1.25) EPS for the current fiscal year.
In related news, President Craig A. Wheeler sold 5,880 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $12.02, for a total value of $70,677.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.10% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC purchased a new stake in Momenta Pharmaceuticals during the second quarter worth $134,000. Royal Bank of Canada boosted its stake in Momenta Pharmaceuticals by 15.2% in the second quarter. Royal Bank of Canada now owns 25,579 shares of the biotechnology company’s stock worth $276,000 after buying an additional 3,375 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Momenta Pharmaceuticals by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 270,121 shares of the biotechnology company’s stock worth $2,918,000 after buying an additional 3,474 shares in the last quarter. Stifel Financial Corp boosted its stake in Momenta Pharmaceuticals by 13.9% in the second quarter. Stifel Financial Corp now owns 26,451 shares of the biotechnology company’s stock worth $286,000 after buying an additional 3,236 shares in the last quarter. Finally, Fiera Capital Corp purchased a new stake in Momenta Pharmaceuticals during the second quarter worth $26,019,000. Institutional investors and hedge funds own 81.08% of the company’s stock.
Momenta Pharmaceuticals Company Profile
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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