Momenta Pharmaceuticals Inc. (MNTA) Cut to “Hold” at Zacks Investment Research
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Momenta focuses 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.”
Other equities research analysts have also issued reports about the stock. Brean Capital set a $19.00 target price on shares of Momenta Pharmaceuticals and gave the stock a “buy” rating in a report on Friday, August 5th. Cowen and Company reiterated a “hold” rating on shares of Momenta Pharmaceuticals in a report on Sunday, August 7th. JPMorgan Chase & Co. cut their target price on shares of Momenta Pharmaceuticals from $21.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, August 5th. Barclays PLC upgraded shares of Momenta Pharmaceuticals from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $13.00 to $19.00 in a report on Tuesday, October 11th. Finally, Maxim Group lowered shares of Momenta Pharmaceuticals from a “hold” rating to a “sell” rating and set a $6.00 target price on the stock. in a report on Wednesday, September 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Momenta Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $15.78.
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Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) traded down 2.5008% during midday trading on Wednesday, reaching $11.6999. 266,106 shares of the company were exchanged. Momenta Pharmaceuticals has a 52-week low of $7.86 and a 52-week high of $18.85. The stock has a 50-day moving average price of $11.90 and a 200 day moving average price of $11.13. The company’s market capitalization is $802.58 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.01. The company had revenue of $26.40 million for the quarter, compared to analyst estimates of $23.55 million. Momenta Pharmaceuticals had a negative net margin of 126.37% and a negative return on equity of 28.76%. The business’s revenue for the quarter was down 41.2% compared to the same quarter last year. During the same period last year, the business posted ($0.04) earnings per share. Equities research analysts expect that Momenta Pharmaceuticals will post ($1.25) EPS for the current fiscal year.
In related news, President Craig A. Wheeler sold 5,880 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is accessible through the SEC website. 6.10% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. acquired a new position in Momenta Pharmaceuticals during the second quarter worth $103,000. Dynamic Technology Lab Private Ltd acquired a new position in Momenta Pharmaceuticals during the second quarter worth $109,000. Jane Street Group LLC acquired a new position in Momenta Pharmaceuticals during the second quarter worth $109,000. Mason Street Advisors LLC acquired a new position in Momenta Pharmaceuticals during the second quarter worth $134,000. Finally, BlackRock Inc. increased its position in Momenta Pharmaceuticals by 220.1% in the second quarter. BlackRock Inc. now owns 13,446 shares of the biotechnology company’s stock worth $145,000 after buying an additional 9,245 shares during the period. 81.09% of the stock is owned by institutional investors and hedge funds.
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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