Momenta Pharmaceuticals Inc. (MNTA) Cut to “Hold” at Zacks Investment Research
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Momenta focuses 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.”
Several other equities research analysts have also recently commented on the company. Cowen and Company reissued a “hold” rating on shares of Momenta Pharmaceuticals in a report on Sunday, August 7th. Brean Capital set a $19.00 price target on Momenta Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. Maxim Group cut Momenta Pharmaceuticals from a “hold” rating to a “sell” rating and set a $6.00 price target on the stock. in a report on Wednesday, September 7th. Barclays PLC raised Momenta Pharmaceuticals from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $13.00 to $19.00 in a report on Tuesday, October 11th. Finally, JPMorgan Chase & Co. dropped their price target on Momenta Pharmaceuticals from $21.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. Momenta Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $15.78.
Momenta Pharmaceuticals (NASDAQ:MNTA) traded down 2.5008% during mid-day trading on Wednesday, reaching $11.6999. The company’s stock had a trading volume of 266,106 shares. Momenta Pharmaceuticals has a 12 month low of $7.86 and a 12 month high of $18.85. The stock’s 50-day moving average is $11.90 and its 200-day moving average is $11.13. The firm’s market capitalization is $802.58 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last announced its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) EPS for the quarter, topping 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 firm had revenue of $26.40 million for the quarter, compared to analysts’ expectations of $23.55 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. The firm’s quarterly revenue was down 41.2% compared to the same quarter last year. On average, equities analysts anticipate that Momenta Pharmaceuticals will post ($1.25) EPS for the current year.
In other Momenta Pharmaceuticals news, President Craig A. Wheeler sold 5,880 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $12.02, for a total transaction of $70,677.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 6.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Pacad Investment Ltd. bought a new position in Momenta Pharmaceuticals during the second quarter valued at approximately $103,000. Jane Street Group LLC bought a new position in Momenta Pharmaceuticals during the second quarter valued at approximately $109,000. Dynamic Technology Lab Private Ltd bought a new position in Momenta Pharmaceuticals during the second quarter valued at approximately $109,000. Mason Street Advisors LLC bought a new position in Momenta Pharmaceuticals during the second quarter valued at approximately $134,000. Finally, BlackRock Inc. boosted its position in Momenta Pharmaceuticals by 220.1% in the second quarter. BlackRock Inc. now owns 13,446 shares of the biotechnology company’s stock valued at $145,000 after buying an additional 9,245 shares in the last quarter. 81.09% of the stock is currently owned by institutional investors.
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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