Momenta Pharmaceuticals, Inc. (MNTA) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA) from a hold rating to a buy rating in a report released on Wednesday. The brokerage currently has $20.00 price objective on the biotechnology company’s stock.
According to Zacks, “Momenta’s sales of Glatopa 20mg continue to do well and have captured approximately 40% of the market in the U.S. We are pleased with the company’s efforts to develop biosimilars given the potential in the market with recent approvals. In addition, a potential approval of M923 will boost investor confidence. The company has collaborated with Mylan to develop, manufacture and commercialize six of its current biosimilar candidates. The progress with the autoimmune portfolio is also impressive However, the ANDA approval for Glatopa 40mg is contingent on the satisfactory resolution of the compliance observations stated in the warning letter issued by the FDA, resulting in a delay of approval. The warning letter will remain a major over hang on the shares till the issue is solved. Shares of the company have outperformed the industry in the last twelve months.”
Several other research firms also recently commented on MNTA. BidaskClub downgraded shares of Momenta Pharmaceuticals from a hold rating to a sell rating in a research note on Tuesday, August 22nd. Maxim Group set a $6.00 price objective on shares of Momenta Pharmaceuticals and gave the stock a sell rating in a research note on Thursday, August 3rd. Stifel Nicolaus reiterated a hold rating and set a $15.00 price objective (down from $22.00) on shares of Momenta Pharmaceuticals in a research note on Wednesday. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of Momenta Pharmaceuticals in a research note on Thursday, September 28th. They set a neutral rating and a $18.00 price objective for the company. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $15.00.
Momenta Pharmaceuticals (NASDAQ MNTA) traded down 6.16% during trading on Wednesday, reaching $12.95. The company had a trading volume of 2,184,170 shares. Momenta Pharmaceuticals has a 12-month low of $10.75 and a 12-month high of $19.90. The stock’s market capitalization is $959.03 million. The stock has a 50 day moving average of $16.69 and a 200-day moving average of $15.79.
Momenta Pharmaceuticals (NASDAQ:MNTA) last announced its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.50) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.50). The company had revenue of $23.57 million during the quarter, compared to the consensus estimate of $24.64 million. Momenta Pharmaceuticals had a negative net margin of 39.35% and a negative return on equity of 12.28%. Momenta Pharmaceuticals’s revenue was down 10.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.31) earnings per share. On average, analysts forecast that Momenta Pharmaceuticals will post ($1.53) earnings per share for the current fiscal year.
In related news, President Craig A. Wheeler sold 35,667 shares of the business’s stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $19.03, for a total transaction of $678,743.01. Following the completion of the transaction, the president now directly owns 286,121 shares in the company, valued at $5,444,882.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Craig A. Wheeler sold 4,116 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $15.07, for a total transaction of $62,028.12. Following the transaction, the president now owns 269,231 shares of the company’s stock, valued at $4,057,311.17. The disclosure for this sale can be found here. Insiders have sold 79,663 shares of company stock valued at $1,414,498 over the last quarter. Insiders own 4.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. acquired a new position in Momenta Pharmaceuticals during the first quarter valued at $5,607,000. Great West Life Assurance Co. Can lifted its position in Momenta Pharmaceuticals by 8.4% during the second quarter. Great West Life Assurance Co. Can now owns 96,471 shares of the biotechnology company’s stock valued at $1,625,000 after purchasing an additional 7,450 shares during the period. Rhumbline Advisers lifted its position in Momenta Pharmaceuticals by 8.6% during the second quarter. Rhumbline Advisers now owns 140,215 shares of the biotechnology company’s stock valued at $2,370,000 after purchasing an additional 11,128 shares during the period. Comerica Bank lifted its position in Momenta Pharmaceuticals by 5.4% during the first quarter. Comerica Bank now owns 71,875 shares of the biotechnology company’s stock valued at $1,006,000 after purchasing an additional 3,652 shares during the period. Finally, Palo Alto Investors LLC lifted its position in Momenta Pharmaceuticals by 1.6% during the second quarter. Palo Alto Investors LLC now owns 1,787,576 shares of the biotechnology company’s stock valued at $30,210,000 after purchasing an additional 28,200 shares during the period. Institutional investors own 93.86% of the company’s stock.
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. The Company has developed generic version of LOVENOX (enoxaparin sodium injection) and COPAXONE (glatiramer acetate injection).
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