Momenta Pharmaceuticals, Inc. (MNTA) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA) from a hold rating to a sell rating in a report issued on Friday morning.
According to Zacks, “Momenta’s loss per share came in line with estimates in the second quarter of 2017 while sales beat estimates. The 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. Additionally, Glatopa faces competition from Teva’s thrice-weekly Copaxone. Moreover, the company's patents covering Enoxaparin Sodium Injection were declared invalid and unenforceable. Shares of the company have underperformed the industry so far in 2017. Nevertheless, sales of Glatopa 20mg continue to do well and have captured approximately 40% of the market in the U.S. In addition, a potential approval of M923 will boost investor confidence.”
Several other analysts have also recently weighed in on MNTA. Stifel Nicolaus reaffirmed a buy rating and set a $26.00 price objective on shares of Momenta Pharmaceuticals in a research report on Thursday, August 3rd. Maxim Group set a $6.00 price objective on Momenta Pharmaceuticals and gave the company a sell rating in a research report on Thursday, August 3rd. BidaskClub cut Momenta Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, July 6th. Aegis reaffirmed a hold rating and set a $17.00 price objective on shares of Momenta Pharmaceuticals in a research report on Wednesday, May 3rd. Finally, Cowen and Company reaffirmed a hold rating and set a $15.00 price objective on shares of Momenta Pharmaceuticals in a research report on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $16.63.
Momenta Pharmaceuticals (NASDAQ:MNTA) opened at 16.25 on Friday. The company’s market cap is $1.19 billion. The firm has a 50-day moving average price of $16.96 and a 200 day moving average price of $15.62. Momenta Pharmaceuticals has a one year low of $10.50 and a one year high of $19.90.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported ($0.50) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.50). The business had revenue of $23.57 million for the quarter, compared to analysts’ expectations of $24.64 million. Momenta Pharmaceuticals had a negative return on equity of 12.28% and a negative net margin of 39.35%. The business’s revenue was down 10.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.31) EPS. Equities analysts expect that Momenta Pharmaceuticals will post ($1.44) earnings per share for the current fiscal year.
In other news, President Craig A. Wheeler sold 4,116 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $15.83, for a total value of $65,156.28. Following the sale, the president now directly owns 281,919 shares of the company’s stock, valued at approximately $4,462,777.77. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders sold 8,579 shares of company stock worth $135,225. Insiders own 4.40% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Momenta Pharmaceuticals by 64,825.8% in the first quarter. BlackRock Inc. now owns 8,774,070 shares of the biotechnology company’s stock worth $117,134,000 after buying an additional 8,760,556 shares in the last quarter. Norges Bank acquired a new position in Momenta Pharmaceuticals during the fourth quarter valued at about $22,650,000. State Street Corp boosted its position in Momenta Pharmaceuticals by 30.8% in the first quarter. State Street Corp now owns 2,455,449 shares of the biotechnology company’s stock valued at $32,776,000 after buying an additional 577,504 shares during the period. Acadian Asset Management LLC boosted its position in Momenta Pharmaceuticals by 322.9% in the second quarter. Acadian Asset Management LLC now owns 696,138 shares of the biotechnology company’s stock valued at $11,762,000 after buying an additional 531,525 shares during the period. Finally, Foresite Capital Management III LLC acquired a new position in Momenta Pharmaceuticals during the first quarter valued at about $5,749,000. 86.89% 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. The Company has developed generic version of LOVENOX (enoxaparin sodium injection) and COPAXONE (glatiramer acetate injection).
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