Momenta Pharmaceuticals, Inc. (MNTA) Lowered to “Sell” at Zacks Investment Research
Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
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 also recently issued reports on the stock. Barclays PLC downgraded shares of Momenta Pharmaceuticals from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $20.00 to $17.00 in a report on Monday, May 22nd. Cowen and Company reaffirmed a “hold” rating and set a $15.00 price objective on shares of Momenta Pharmaceuticals in a report on Wednesday, May 3rd. Maxim Group set a $6.00 target price on shares of Momenta Pharmaceuticals and gave the company a “sell” rating in a research note on Wednesday, May 3rd. BidaskClub upgraded shares of Momenta Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, June 23rd. Finally, Stifel Nicolaus cut their target price on shares of Momenta Pharmaceuticals from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $16.63.
Momenta Pharmaceuticals (MNTA) traded up 1.55% during midday trading on Friday, reaching $16.40. 573,993 shares of the company traded hands. The stock’s market capitalization is $1.20 billion. Momenta Pharmaceuticals has a 12 month low of $10.50 and a 12 month high of $19.90. The firm has a 50 day moving average of $16.96 and a 200-day moving average of $15.62.
Momenta Pharmaceuticals (NASDAQ:MNTA) last posted its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.50). The business had revenue of $23.57 million during the quarter, compared to the consensus estimate of $24.64 million. Momenta Pharmaceuticals had a negative net margin of 39.35% and a negative return on equity of 12.28%. Momenta Pharmaceuticals’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.31) EPS. Analysts forecast that Momenta Pharmaceuticals will post ($1.44) EPS for the current fiscal year.
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In related news, President Craig A. Wheeler sold 4,116 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $15.83, for a total transaction of $65,156.28. Following the completion of the transaction, the president now directly owns 281,919 shares in the company, valued at approximately $4,462,777.77. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 8,579 shares of company stock valued at $135,225. Corporate insiders own 4.40% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new position in shares of Momenta Pharmaceuticals during the fourth quarter worth about $284,000. Guggenheim Capital LLC acquired a new position in shares of Momenta Pharmaceuticals during the fourth quarter worth about $751,000. Norges Bank acquired a new position in shares of Momenta Pharmaceuticals during the fourth quarter worth about $22,650,000. Louisiana State Employees Retirement System boosted its position in shares of Momenta Pharmaceuticals by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 26,300 shares of the biotechnology company’s stock worth $351,000 after buying an additional 600 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of Momenta Pharmaceuticals by 200.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 210,000 shares of the biotechnology company’s stock worth $2,804,000 after buying an additional 140,000 shares in the last quarter. Institutional investors own 86.62% of the company’s stock.
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. The Company has developed generic version of LOVENOX (enoxaparin sodium injection) and COPAXONE (glatiramer acetate injection).
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