Momenta Pharmaceuticals (NASDAQ:MNTA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, August 1st.
According to Zacks, “Momenta's efforts to develop biosimilars is encouraging given the potential in the market. The partnership with Mylan for the same is also positive. While the FDA approval of Glatopa 40 mg should relieve Momenta, competition will limit market share gains as Mylan has already won the FDA’s approval for a generic version of Teva Pharmaceuticals Copaxone 40 mg. Since Mylan was one of the first applicants to submit a substantially complete ANDA for glatiramer acetate Injection, 40 mg/mL, containing a Paragraph IV certification, the company already has an upper hand in the market. In addition, Momenta suffered another setback when M834, a proposed biosimilar for Orencia, did not meet its primary pharmacokinetic end points in a phase I study. Nevertheless, shares of the company have outperformed the industry in the year so far. Estimates for Q2 are static ahead of results.”
Several other equities analysts also recently weighed in on the company. BidaskClub raised Momenta Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 14th. ValuEngine raised Momenta Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 10th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Momenta Pharmaceuticals in a research report on Thursday, June 14th. Finally, TheStreet downgraded Momenta Pharmaceuticals from a “c-” rating to a “d” rating in a research report on Tuesday, May 8th. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. Momenta Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $17.38.
Shares of NASDAQ MNTA traded up $0.08 during trading hours on Wednesday, hitting $25.98. 344,899 shares of the company traded hands, compared to its average volume of 559,198. Momenta Pharmaceuticals has a 12 month low of $11.85 and a 12 month high of $32.20.
Momenta Pharmaceuticals (NASDAQ:MNTA) last released its earnings results on Thursday, August 9th. The biotechnology company reported ($0.91) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.50). The company had revenue of $13.00 million for the quarter, compared to the consensus estimate of $15.83 million. Momenta Pharmaceuticals had a negative net margin of 128.49% and a negative return on equity of 40.55%. The business’s revenue for the quarter was down 44.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.50) EPS. equities analysts expect that Momenta Pharmaceuticals will post -1.89 earnings per share for the current year.
In related news, CEO Craig A. Wheeler sold 1,969 shares of the company’s stock in a transaction on Monday, May 21st. The stock was sold at an average price of $23.33, for a total transaction of $45,936.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Young Kwon sold 46,499 shares of the company’s stock in a transaction on Thursday, July 12th. The stock was sold at an average price of $25.44, for a total value of $1,182,934.56. Following the sale, the senior vice president now owns 148,623 shares of the company’s stock, valued at $3,780,969.12. The disclosure for this sale can be found here. Insiders have sold a total of 129,517 shares of company stock valued at $3,344,870 over the last 90 days. 4.80% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. FMR LLC grew its stake in shares of Momenta Pharmaceuticals by 1.0% in the second quarter. FMR LLC now owns 11,633,835 shares of the biotechnology company’s stock valued at $237,912,000 after buying an additional 109,583 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Momenta Pharmaceuticals by 4,107.2% in the second quarter. PNC Financial Services Group Inc. now owns 67,526 shares of the biotechnology company’s stock valued at $1,381,000 after buying an additional 65,921 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Momenta Pharmaceuticals by 6.7% in the second quarter. Legal & General Group Plc now owns 169,866 shares of the biotechnology company’s stock valued at $3,445,000 after buying an additional 10,593 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Momenta Pharmaceuticals by 18.0% in the second quarter. Janus Henderson Group PLC now owns 2,208,986 shares of the biotechnology company’s stock valued at $45,174,000 after purchasing an additional 336,859 shares during the period. Finally, BlackRock Inc. boosted its holdings in Momenta Pharmaceuticals by 8.6% in the second quarter. BlackRock Inc. now owns 11,681,112 shares of the biotechnology company’s stock valued at $238,880,000 after purchasing an additional 925,524 shares during the period. 94.59% of the stock is currently owned by institutional investors.
About Momenta Pharmaceuticals
Momenta Pharmaceuticals, Inc, a biotechnology company, focuses on developing generic versions of complex drugs, biosimilars, and novel therapeutics for autoimmune diseases in the United States. The company's complex generics programs include Enoxaparin sodium injection, a generic version of Lovenox that is indicated for the prevention and treatment of deep vein thrombosis, as well as supports the treatment of acute coronary syndromes; GLATOPA, a generic version of once-daily COPAXONE for the treatment of patients with relapsing-remitting multiple sclerosis; and GLATOPA, a generic product candidate for three-times-weekly COPAXONE.
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