Zacks Investment Research upgraded shares of Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $13.00 price objective 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.”
Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Momenta Pharmaceuticals from $21.00 to $15.00 and set an overweight rating for the company in a research report on Friday, August 5th. Goldman Sachs Group Inc. assumed coverage on shares of Momenta Pharmaceuticals in a research report on Monday, June 6th. They set a neutral rating and a $14.00 price objective for the company. Cowen and Company reaffirmed a hold rating on shares of Momenta Pharmaceuticals in a research report on Sunday, August 7th. Brean Capital set a $19.00 target price on shares of Momenta Pharmaceuticals and gave the stock a buy rating in a research report on Friday, August 5th. Finally, Maxim Group cut shares of Momenta Pharmaceuticals from a hold rating to a sell rating and set a $6.00 target price for the company. in a research report on Wednesday, September 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Momenta Pharmaceuticals currently has an average rating of Hold and a consensus target price of $16.00.
Momenta Pharmaceuticals (NASDAQ:MNTA) opened at 11.595 on Tuesday. Momenta Pharmaceuticals has a 52 week low of $7.86 and a 52 week high of $18.85. The stock’s market capitalization is $795.38 million. The stock’s 50 day moving average is $11.93 and its 200-day moving average is $10.95.
Momenta Pharmaceuticals (NASDAQ:MNTA) last announced its quarterly earnings data on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.01. Momenta Pharmaceuticals had a negative net margin of 126.37% and a negative return on equity of 28.76%. The business earned $26.40 million during the quarter, compared to the consensus estimate of $23.55 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. The company’s revenue for the quarter was down 41.2% compared to the same quarter last year. Equities research analysts forecast that Momenta Pharmaceuticals will post ($1.25) EPS for the current year.
In other news, President Craig A. Wheeler sold 5,880 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $12.02, for a total value of $70,677.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.10% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Pacad Investment Ltd. bought a new stake in shares of Momenta Pharmaceuticals during the second quarter worth $103,000. Dynamic Technology Lab Private Ltd acquired a new stake in Momenta Pharmaceuticals during the second quarter valued at approximately $109,000. Jane Street Group LLC acquired a new stake in Momenta Pharmaceuticals during the second quarter valued at approximately $109,000. Mason Street Advisors LLC acquired a new stake in Momenta Pharmaceuticals during the second quarter valued at approximately $134,000. Finally, BlackRock Inc. raised its stake 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. 81.08% of the stock is 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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