Momenta Pharmaceuticals Inc. (MNTA) Rating Increased to Buy at Zacks Investment Research
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 Thursday. They currently have $14.00 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. 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.”
A number of other equities research analysts also recently issued reports on the stock. Cowen and Company reaffirmed a hold rating on shares of Momenta Pharmaceuticals in a research note on Sunday, August 7th. Brean Capital set a $19.00 price target on shares of Momenta Pharmaceuticals and gave the company a buy rating in a research note on Friday, August 5th. Maxim Group downgraded shares of Momenta Pharmaceuticals from a hold rating to a sell rating and set a $6.00 target price on the stock. in a research note on Wednesday, September 7th. Barclays PLC raised shares of Momenta Pharmaceuticals from an equal weight rating to an overweight rating and increased their target price for the company from $13.00 to $19.00 in a research note on Tuesday, October 11th. Finally, JPMorgan Chase & Co. reduced their target price 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $15.78.
Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) opened at 12.00 on Thursday. The company’s 50-day moving average is $11.90 and its 200 day moving average is $11.13. Momenta Pharmaceuticals has a 1-year low of $7.86 and a 1-year high of $18.85. The company’s market cap is $823.16 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last released its quarterly earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.01. The company had revenue of $26.40 million for the quarter, compared to the consensus estimate of $23.55 million. Momenta Pharmaceuticals had a negative net margin of 126.37% and a negative return on equity of 28.76%. Momenta Pharmaceuticals’s revenue was down 41.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. Equities analysts anticipate that Momenta Pharmaceuticals will post ($1.25) EPS for the current year.
In related news, President Craig A. Wheeler sold 5,880 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $12.02, for a total value of $70,677.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 6.10% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Teachers Advisors Inc. increased its position in 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 in the last quarter. Prudential Financial Inc. boosted its position 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 boosted its position in shares of 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 last quarter. BlackRock Fund Advisors boosted its position in shares of 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 last quarter. Finally, JPMorgan Chase & Co. boosted its position 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. 81.09% of the stock is currently 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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