Zacks Investment Research Upgrades Momenta Pharmaceuticals Inc. (MNTA) to “Buy”
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $13.00 target price on the biotechnology company’s stock. Zacks Investment Research’s price target points to a potential upside of 11.02% 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. 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.”
Several other equities research analysts have also recently issued reports on the stock. Maxim Group cut shares of Momenta Pharmaceuticals from a “hold” rating to a “sell” rating and set a $6.00 price target on the stock. in a research note on Wednesday, September 7th. Cowen and Company reaffirmed a “hold” rating on shares of Momenta Pharmaceuticals in a research note on Sunday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Momenta Pharmaceuticals from $21.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, August 5th. Brean Capital set a $19.00 price target on shares of Momenta Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, Goldman Sachs Group Inc. began coverage on shares of Momenta Pharmaceuticals in a research note on Monday, June 6th. They set a “neutral” rating and a $14.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Momenta Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $16.00.
Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) opened at 11.71 on Tuesday. The stock’s market capitalization is $803.27 million. The company’s 50-day moving average is $11.96 and its 200 day moving average is $10.93. Momenta Pharmaceuticals has a 52 week low of $7.86 and a 52 week high of $18.85.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 firm earned $26.40 million during the quarter, compared to the consensus estimate of $23.55 million. During the same period last year, the firm posted ($0.04) EPS. The firm’s revenue for the quarter was down 41.2% on a year-over-year basis. On average, equities analysts forecast that Momenta Pharmaceuticals will post ($1.25) EPS for the current fiscal year.
In other Momenta Pharmaceuticals news, President Craig A. Wheeler sold 5,880 shares of Momenta Pharmaceuticals stock in a transaction that occurred on Monday, August 22nd. The shares were 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 can be accessed through the SEC website. Company insiders own 6.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. acquired a new position in shares of Momenta Pharmaceuticals during the second quarter worth $103,000. Jane Street Group LLC acquired a new position in shares of Momenta Pharmaceuticals during the second quarter worth $109,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Momenta Pharmaceuticals during the second quarter worth $109,000. Mason Street Advisors LLC acquired a new position in shares of Momenta Pharmaceuticals during the second quarter worth $134,000. Finally, BlackRock Inc. boosted its position in shares of Momenta Pharmaceuticals by 220.1% in the second quarter. BlackRock Inc. now owns 13,446 shares of the biotechnology company’s stock worth $145,000 after buying an additional 9,245 shares during the period. 81.08% of the stock is currently owned by hedge funds and other institutional investors.
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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