Zacks Investment Research upgraded shares of Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) from a hold rating to a buy rating in a research report report published on Monday morning. They currently have $18.00 target price on the biotechnology company’s stock.
According to Zacks, “Momenta received a boost with the FDA approval of Glatopa (a generic version of Copaxone; 20 mg). The drug has captured nearly 40% of the once-daily Copaxone (20 mg) market. Momenta’s efforts to develop its biosimilars pipeline are also impressive. The company has a partnership with Mylan for six of the latter’s biosimilar. Moreover, we are encouraged by the company’s collaboration with Sandoz. The company also has an exclusive research collaboration and worldwide license agreement with CSL Limited for M230. Momenta’s share price has outperformed the Zacks classified Biomedical and Genetics industry in the last twelve months. However, the discontinuation of patient enrolment in a phase II study on necuparanib on the recommendation of an independent Data Safety Monitoring Board following the unfavorable outcome of a planned interim futility analysis is disappointing.”
Several other research analysts have also issued reports on MNTA. Barclays PLC raised shares of Momenta Pharmaceuticals from an equal weight rating to an overweight rating and increased their price target for the stock from $13.00 to $19.00 in a research report on Tuesday, October 11th. JPMorgan Chase & Co. reissued a buy rating and issued a $18.00 price target on shares of Momenta Pharmaceuticals in a research report on Thursday, November 3rd. Maxim Group reissued a sell rating and issued a $6.00 price target on shares of Momenta Pharmaceuticals in a research report on Thursday, November 3rd. Aegis initiated coverage on shares of Momenta Pharmaceuticals in a research report on Tuesday, November 22nd. They issued a hold rating and a $15.00 price target for the company. Finally, Stifel Nicolaus set a $20.00 price target on shares of Momenta Pharmaceuticals and gave the stock a buy rating in a research report on Tuesday, November 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Momenta Pharmaceuticals presently has a consensus rating of Buy and a consensus target price of $16.70.
Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) opened at 15.10 on Monday. Momenta Pharmaceuticals has a 12-month low of $7.86 and a 12-month high of $17.25. The company’s 50 day moving average price is $15.07 and its 200-day moving average price is $12.74. The firm’s market cap is $1.04 billion.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its quarterly earnings results on Wednesday, November 2nd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.03. Momenta Pharmaceuticals had a negative net margin of 93.75% and a negative return on equity of 26.55%. The firm earned $299.14 million during the quarter, compared to analyst estimates of $25.68 million. During the same quarter in the prior year, the business posted ($0.44) earnings per share. The company’s quarterly revenue was up 2067.7% compared to the same quarter last year. On average, equities research analysts anticipate that Momenta Pharmaceuticals will post ($1.18) EPS for the current year.
In other news, CFO Richard P. Shea sold 9,799 shares of the stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $15.00, for a total transaction of $146,985.00. Following the sale, the chief financial officer now directly owns 121,972 shares of the company’s stock, valued at $1,829,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Craig A. Wheeler sold 5,880 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $13.68, for a total transaction of $80,438.40. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Momenta Pharmaceuticals by 2.6% in the second quarter. FMR LLC now owns 10,632,879 shares of the biotechnology company’s stock valued at $114,835,000 after buying an additional 265,713 shares during the period. BlackRock Fund Advisors boosted its stake in Momenta Pharmaceuticals by 6.8% in the third quarter. BlackRock Fund Advisors now owns 5,258,020 shares of the biotechnology company’s stock valued at $61,466,000 after buying an additional 335,064 shares during the period. Fiera Capital Corp bought a new stake in Momenta Pharmaceuticals during the second quarter valued at approximately $26,019,000. BlackRock Institutional Trust Company N.A. boosted its stake in Momenta Pharmaceuticals by 1.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,636,279 shares of the biotechnology company’s stock valued at $19,128,000 after buying an additional 24,978 shares during the period. Finally, Palo Alto Investors LLC boosted its stake in Momenta Pharmaceuticals by 10.9% in the second quarter. Palo Alto Investors LLC now owns 1,629,076 shares of the biotechnology company’s stock valued at $17,594,000 after buying an additional 160,300 shares during the period. 84.59% of the stock is currently owned by institutional investors and hedge funds.
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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