Momenta Pharmaceuticals (MNTA) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Momenta Pharmaceuticals (NASDAQ:MNTA) from a hold rating to a buy rating in a research note released on Monday. They currently have $18.00 target price on the biotechnology company’s stock.
According to Zacks, “Momenta initiated a strategic review of its ongoing operations with the goal of reducing expenditure on its biosimilar portfolio, which should free up additional capital to fully fund its novel autoimmune portfolio.The company will now advance only two late-stage biosimilar assets, M923, its wholly-owned proposed biosimilar to Humira and M710, its proposed biosimilar to Eylea being developed in collaboration with Mylan. Momenta expects to file a biologics license application (BLA) for M923 with the FDA and plans to work to identify a commercialization partner for this product candidate. Momenta will restructure its executive team and reduce its workforce by approximately 50%. The cost savings from the restructuring plan should enable the company to redirect a meaningful portion of its resources toward novel drug candidates for the treatment of rare, immune-mediated diseases.Shares of the company have outperformed the industry in the year so far.”
Several other brokerages have also weighed in on MNTA. ValuEngine upgraded Momenta Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Tuesday, July 10th. BidaskClub upgraded Momenta Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Saturday, July 14th. Cantor Fitzgerald set a $24.00 price target on Momenta Pharmaceuticals and gave the company a hold rating in a research note on Monday, October 1st. Finally, Stifel Nicolaus restated a buy rating and issued a $40.00 price target on shares of Momenta Pharmaceuticals in a research note on Wednesday, October 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $24.25.
Momenta Pharmaceuticals (NASDAQ:MNTA) last announced its quarterly earnings results on Thursday, August 9th. The biotechnology company reported ($0.91) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.50). Momenta Pharmaceuticals had a negative net margin of 128.49% and a negative return on equity of 40.55%. The business had revenue of $13.00 million during the quarter, compared to analysts’ expectations of $15.83 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. Momenta Pharmaceuticals’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, research analysts forecast that Momenta Pharmaceuticals will post -2.02 earnings per share for the current year.
In related news, CEO Craig A. Wheeler sold 2,601 shares of Momenta Pharmaceuticals stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $28.74, for a total value of $74,752.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Elizabeth Stoner sold 4,152 shares of Momenta Pharmaceuticals stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $27.33, for a total value of $113,474.16. Following the completion of the sale, the director now owns 33,791 shares in the company, valued at $923,508.03. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,589 shares of company stock worth $345,785. 4.80% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Amalgamated Bank boosted its holdings in shares of Momenta Pharmaceuticals by 16.1% during the 2nd quarter. Amalgamated Bank now owns 12,544 shares of the biotechnology company’s stock worth $257,000 after purchasing an additional 1,739 shares during the last quarter. State of Wisconsin Investment Board boosted its holdings in shares of Momenta Pharmaceuticals by 2.7% during the 2nd quarter. State of Wisconsin Investment Board now owns 78,166 shares of the biotechnology company’s stock worth $1,598,000 after purchasing an additional 2,066 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Momenta Pharmaceuticals by 1.6% during the 2nd quarter. Rhumbline Advisers now owns 185,957 shares of the biotechnology company’s stock worth $3,803,000 after purchasing an additional 2,913 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Momenta Pharmaceuticals by 16.7% during the 1st quarter. Russell Investments Group Ltd. now owns 21,669 shares of the biotechnology company’s stock worth $393,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Aperio Group LLC boosted its holdings in shares of Momenta Pharmaceuticals by 17.0% during the 2nd quarter. Aperio Group LLC now owns 21,371 shares of the biotechnology company’s stock worth $437,000 after purchasing an additional 3,102 shares during the last quarter. Institutional investors own 96.46% of the company’s stock.
Momenta Pharmaceuticals Company Profile
Momenta Pharmaceuticals, Inc, a biotechnology company, focuses on developing generic versions of complex drugs, biosimilars, and novel therapeutics for autoimmune diseases in the United States. The company's complex generics programs include Enoxaparin sodium injection, a generic version of Lovenox that is indicated for the prevention and treatment of deep vein thrombosis, as well as supports the treatment of acute coronary syndromes; GLATOPA, a generic version of once-daily COPAXONE for the treatment of patients with relapsing-remitting multiple sclerosis; and GLATOPA, a generic product candidate for three-times-weekly COPAXONE.
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