Momenta Pharmaceuticals, Inc. (MNTA) Downgraded 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 research report issued to clients and investors on Wednesday.
According to Zacks, “Momenta’s sales of Glatopa 20mg continue to do well and have captured approximately 40% of the market in the U.S. We are pleased with the company’s efforts to develop biosimilars given the potential in the market with recent approvals. In addition, a potential approval of M923 will boost investor confidence. The company has collaborated with Mylan to develop, manufacture and commercialize six of its current biosimilar candidates. However, the ANDA approval for Glatopa 40mg 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. Moreover, shares of the company have underperformed the industry in the last six months. The recent FDA approval of Mylan's generic version of Copaxone 40mg led to significant plunge in the share price.”
Several other equities analysts also recently weighed in on the company. BidaskClub raised Momenta Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Friday, June 23rd. Stifel Nicolaus restated a “hold” rating and set a $15.00 price objective (down previously from $22.00) on shares of Momenta Pharmaceuticals in a report on Wednesday, October 4th. Maxim Group set a $6.00 price objective on Momenta Pharmaceuticals and gave the stock a “sell” rating in a report on Thursday, August 3rd. Goldman Sachs Group, Inc. (The) initiated coverage on Momenta Pharmaceuticals in a report on Thursday, September 28th. They set a “neutral” rating and a $18.00 price objective on the stock. Finally, Barclays PLC restated an “equal weight” rating and set a $16.00 price objective (down previously from $17.00) on shares of Momenta Pharmaceuticals in a report on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Momenta Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $15.00.
Momenta Pharmaceuticals (NASDAQ MNTA) traded up 3.64% during trading on Wednesday, reaching $12.80. The company’s stock had a trading volume of 1,234,488 shares. Momenta Pharmaceuticals has a 52 week low of $10.75 and a 52 week high of $19.90. The company has a 50 day moving average price of $16.44 and a 200-day moving average price of $15.79. The company’s market capitalization is $947.92 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last released its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). The company had revenue of $23.57 million during the quarter, compared to the consensus estimate of $24.64 million. Momenta Pharmaceuticals had a negative return on equity of 12.28% and a negative net margin of 39.35%. Momenta Pharmaceuticals’s revenue was down 10.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.31) earnings per share. Equities research analysts anticipate that Momenta Pharmaceuticals will post ($1.50) earnings per share for the current year.
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In related news, President Craig A. Wheeler sold 4,116 shares of Momenta Pharmaceuticals stock in a transaction on Monday, August 21st. The stock was sold at an average price of $15.07, for a total value of $62,028.12. Following the transaction, the president now owns 269,231 shares in the company, valued at $4,057,311.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Craig A. Wheeler sold 35,667 shares of Momenta Pharmaceuticals stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $19.03, for a total value of $678,743.01. Following the completion of the transaction, the president now owns 286,121 shares in the company, valued at approximately $5,444,882.63. The disclosure for this sale can be found here. Insiders have sold 79,663 shares of company stock worth $1,414,498 in the last 90 days. Insiders own 4.40% of the company’s stock.
A number of institutional investors have recently modified their holdings of MNTA. Russell Investments Group Ltd. boosted its holdings in Momenta Pharmaceuticals by 749.5% in the first quarter. Russell Investments Group Ltd. now owns 160,960 shares of the biotechnology company’s stock valued at $2,148,000 after acquiring an additional 142,012 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in Momenta Pharmaceuticals by 5.9% in the first quarter. Great West Life Assurance Co. Can now owns 89,021 shares of the biotechnology company’s stock valued at $1,183,000 after acquiring an additional 4,936 shares during the last quarter. First Trust Advisors LP acquired a new position in Momenta Pharmaceuticals in the first quarter valued at $1,002,000. Bank of New York Mellon Corp boosted its holdings in Momenta Pharmaceuticals by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 793,735 shares of the biotechnology company’s stock valued at $10,596,000 after acquiring an additional 32,760 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its holdings in Momenta Pharmaceuticals by 13.3% in the first quarter. BNP Paribas Arbitrage SA now owns 13,393 shares of the biotechnology company’s stock valued at $179,000 after acquiring an additional 1,570 shares during the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.
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. The Company has developed generic version of LOVENOX (enoxaparin sodium injection) and COPAXONE (glatiramer acetate injection).
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