Momenta Pharmaceuticals Inc. (MNTA) Lifted to Buy at Zacks Investment Research
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $14.00 target price on the biotechnology company’s stock. Zacks Investment Research’s price target points to a potential upside of 11.29% from the stock’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. 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.”
Several other research analysts also recently issued reports on MNTA. JPMorgan Chase & Co. reduced 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 report on Friday, August 5th. Barclays PLC upgraded shares of Momenta Pharmaceuticals from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $13.00 to $19.00 in a research report on Tuesday. Maxim Group downgraded 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 report on Wednesday, September 7th. Brean Capital set a $19.00 price target on shares of Momenta Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 5th. Finally, Cowen and Company reiterated a “hold” rating on shares of Momenta Pharmaceuticals in a research report on Sunday, August 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $15.78.
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Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) traded down 1.67% during mid-day trading on Thursday, reaching $12.37. 200,833 shares of the company traded hands. The stock’s 50 day moving average is $11.96 and its 200 day moving average is $11.03. Momenta Pharmaceuticals has a 52-week low of $7.86 and a 52-week high of $18.85. The stock’s market capitalization is $848.54 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last issued its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) EPS 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 company had revenue of $26.40 million for the quarter, compared to the consensus estimate of $23.55 million. During the same quarter in the previous year, the company earned ($0.04) EPS. The firm’s revenue for the quarter was down 41.2% compared to the same quarter last year. On average, analysts anticipate that Momenta Pharmaceuticals will post ($1.25) earnings per share for the current year.
In other news, President Craig A. Wheeler sold 5,880 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $12.02, for a total value of $70,677.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.10% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Fiera Capital Corp bought a new stake in shares of Momenta Pharmaceuticals during the second quarter worth approximately $26,019,000. Sector Gamma AS boosted its stake in shares of Momenta Pharmaceuticals by 83.8% in the first quarter. Sector Gamma AS now owns 780,313 shares of the biotechnology company’s stock worth $7,210,000 after buying an additional 355,777 shares during the period. FMR LLC boosted its stake in shares of Momenta Pharmaceuticals by 2.6% in the second quarter. FMR LLC now owns 10,632,879 shares of the biotechnology company’s stock worth $114,835,000 after buying an additional 265,713 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Momenta Pharmaceuticals by 4.5% in the second quarter. BlackRock Fund Advisors now owns 4,922,956 shares of the biotechnology company’s stock worth $53,168,000 after buying an additional 210,607 shares during the period. Finally, Palo Alto Investors LLC boosted its stake in shares of 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 worth $17,594,000 after buying an additional 160,300 shares during the period. 81.08% of the stock is 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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