Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $14.00 price objective on the biotechnology company’s stock. Zacks Investment Research’s price objective would suggest 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 a number of other reports. Maxim Group downgraded Momenta Pharmaceuticals from a “hold” rating to a “sell” rating and set a $6.00 target price for the company. in a research note on Wednesday, September 7th. Cowen and Company restated a “hold” rating on shares of Momenta Pharmaceuticals in a research note on Sunday, August 7th. Brean Capital set a $19.00 target price on Momenta Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 5th. JPMorgan Chase & Co. decreased their target price 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 lifted their price target for the company from $13.00 to $19.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $15.78.
Momenta Pharmaceuticals (NASDAQ:MNTA) traded down 1.232% during midday trading on Thursday, hitting $12.425. The company had a trading volume of 180,592 shares. The stock’s market cap is $852.32 million. The company’s 50 day moving average is $11.96 and its 200 day moving average is $11.03. Momenta Pharmaceuticals has a 12-month low of $7.86 and a 12-month high of $18.85.
Momenta Pharmaceuticals (NASDAQ:MNTA) last issued its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) EPS for the quarter, beating the Zacks’ 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 company 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 firm posted ($0.04) earnings per share. Momenta Pharmaceuticals’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 fiscal year.
In related news, President Craig A. Wheeler sold 5,880 shares of the business’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 transaction of $70,677.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 6.10% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Teachers Advisors Inc. boosted its stake in shares of Momenta Pharmaceuticals by 16.7% in the first quarter. Teachers Advisors Inc. now owns 346,507 shares of the biotechnology company’s stock valued at $3,202,000 after buying an additional 49,480 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Momenta Pharmaceuticals by 1.9% in the first quarter. Prudential Financial Inc. now owns 147,062 shares of the biotechnology company’s stock valued at $1,359,000 after buying an additional 2,700 shares during the last quarter. BlackRock Group LTD raised its position in Momenta Pharmaceuticals by 11.9% in the first quarter. BlackRock Group LTD now owns 107,038 shares of the biotechnology company’s stock valued at $989,000 after buying an additional 11,403 shares during the period. BlackRock Fund Advisors raised its position in Momenta Pharmaceuticals by 0.9% in the first quarter. BlackRock Fund Advisors now owns 4,712,349 shares of the biotechnology company’s stock valued at $43,542,000 after buying an additional 39,777 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Momenta Pharmaceuticals by 69.6% in the first quarter. JPMorgan Chase & Co. now owns 381,875 shares of the biotechnology company’s stock valued at $3,528,000 after buying an additional 156,725 shares during the period. 81.08% of the stock is currently owned by hedge funds and other 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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