Zacks Investment Research lowered shares of Momenta Pharmaceuticals (NASDAQ:MNTA) from a hold rating to a sell rating in a report published on Monday.
According to Zacks, “Momenta’s third-quarter results were overshadowed by the disappointing results from a phase I study on the proposed biosimilar verison of Orencia. Momenta announced that M834 did not meet its primary pharmacokinetic end points in a phase I study to compare the pharmacokinetics, safety and immunogenicity of M834 to Orencia in normal healthy volunteers. Earlier, Momenta suffered a blow when the FDA approved Mylan’s generic version of Copaxone 40 mg. On the other hand, Momenta’s ANDA approval for Glatopa 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. Moreover, shares of the company have underperformed the industry in the last six months.”
Several other equities research analysts have also issued reports on the stock. Stifel Nicolaus reissued a hold rating and set a $15.00 target price (down from $22.00) on shares of Momenta Pharmaceuticals in a research note on Wednesday, October 4th. Barclays reissued an equal weight rating and set a $16.00 target price (down from $17.00) on shares of Momenta Pharmaceuticals in a research note on Wednesday, October 4th. Goldman Sachs Group reissued a neutral rating and set a $14.00 target price (down from $18.00) on shares of Momenta Pharmaceuticals in a research note on Thursday, October 5th. Cowen set a $15.00 target price on shares of Momenta Pharmaceuticals and gave the stock a hold rating in a research note on Wednesday, November 1st. Finally, Robert W. Baird lowered shares of Momenta Pharmaceuticals from a buy rating to a hold rating and lowered their target price for the stock from $22.00 to $15.00 in a research note on Friday, October 6th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Momenta Pharmaceuticals currently has an average rating of Hold and a consensus price target of $15.00.
Momenta Pharmaceuticals (NASDAQ:MNTA) last announced its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.03. The company had revenue of $24.09 million for the quarter, compared to the consensus estimate of $29.58 million. Momenta Pharmaceuticals had a negative return on equity of 16.20% and a negative net margin of 55.61%. The firm’s revenue for the quarter was down 17.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.26) EPS. equities analysts predict that Momenta Pharmaceuticals will post -1.16 EPS for the current year.
In related news, CEO Craig A. Wheeler sold 4,116 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $13.35, for a total value of $54,948.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Craig A. Wheeler sold 35,667 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 44,006 shares of company stock worth $789,369. Corporate insiders own 4.40% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. lifted its stake in Momenta Pharmaceuticals by 14.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,446 shares of the biotechnology company’s stock valued at $109,000 after buying an additional 834 shares in the last quarter. Tortoise Investment Management LLC purchased a new position in Momenta Pharmaceuticals in the 2nd quarter valued at about $114,000. Pinebridge Investments L.P. lifted its stake in Momenta Pharmaceuticals by 4.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 8,798 shares of the biotechnology company’s stock valued at $149,000 after buying an additional 363 shares in the last quarter. Profund Advisors LLC lifted its stake in Momenta Pharmaceuticals by 13.1% in the 2nd quarter. Profund Advisors LLC now owns 13,172 shares of the biotechnology company’s stock valued at $223,000 after buying an additional 1,530 shares in the last quarter. Finally, Citigroup Inc. lifted its stake in Momenta Pharmaceuticals by 263.2% in the 2nd quarter. Citigroup Inc. now owns 13,736 shares of the biotechnology company’s stock valued at $232,000 after buying an additional 9,954 shares in the last quarter. 93.45% of the stock is currently owned by hedge funds and other institutional investors.
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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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