Momenta Pharmaceuticals Inc. (MNTA) Downgraded by Zacks Investment Research to Hold
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.”
MNTA has been the topic of several other reports. Maxim Group lowered Momenta Pharmaceuticals from a hold rating to a sell rating and set a $6.00 price target on the stock. in a research report 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. Finally, JPMorgan Chase & Co. lowered their target price on Momenta Pharmaceuticals from $21.00 to $15.00 and set an overweight rating on the stock in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Momenta Pharmaceuticals currently has an average rating of Hold and an average price target of $16.00.
Momenta Pharmaceuticals (NASDAQ:MNTA) traded down 1.96% during trading on Wednesday, hitting $11.48. The stock had a trading volume of 98,538 shares. The company’s market cap is $787.49 million. The company has a 50 day moving average of $11.96 and a 200-day moving average of $10.93. Momenta Pharmaceuticals has a 12-month low of $7.86 and a 12-month high of $18.85.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its quarterly earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.01. The firm had revenue of $26.40 million for the quarter, compared to analyst estimates of $23.55 million. Momenta Pharmaceuticals had a negative return on equity of 28.76% and a negative net margin of 126.37%. Momenta Pharmaceuticals’s quarterly revenue was down 41.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) earnings per share. On average, equities analysts predict 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 dated Monday, August 22nd. The stock was sold at an average price of $12.02, for a total transaction of $70,677.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MNTA. BlackRock Fund Advisors increased its stake 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. AXA acquired a new stake in shares of Momenta Pharmaceuticals during the first quarter valued at $627,000. JPMorgan Chase & Co. increased its stake in shares of 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 last quarter. PNC Financial Services Group Inc. increased its stake in shares of Momenta Pharmaceuticals by 2.9% in the second quarter. PNC Financial Services Group Inc. now owns 169,060 shares of the biotechnology company’s stock valued at $1,826,000 after buying an additional 4,791 shares during the last quarter. Finally, Prudential Financial Inc. increased 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. Institutional investors own 81.08% of the company’s stock.
Momenta Pharmaceuticals Company Profile
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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