Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $14.00 target price on the biotechnology company’s stock. Zacks Investment Research’s price objective suggests a potential upside of 16.18% 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.”
MNTA has been the topic of several other reports. Cowen and Company restated a “hold” rating on shares of Momenta Pharmaceuticals in a research report on Sunday, August 7th. JPMorgan Chase & Co. lowered their target price 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. 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 research report on Wednesday, September 7th. Barclays PLC upgraded shares of Momenta Pharmaceuticals from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $13.00 to $19.00 in a research report on Tuesday, October 11th. Finally, Brean Capital set a $19.00 target price on shares of Momenta Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 5th. One equities 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 company’s stock. Momenta Pharmaceuticals has an average rating of “Buy” and a consensus price target of $15.78.
Momenta Pharmaceuticals (NASDAQ:MNTA) opened at 12.05 on Thursday. The stock’s market capitalization is $826.59 million. The firm has a 50-day moving average of $11.91 and a 200-day moving average of $11.07. Momenta Pharmaceuticals has a 1-year low of $7.86 and a 1-year high of $18.85.
Momenta Pharmaceuticals (NASDAQ:MNTA) last issued its quarterly earnings results on Thursday, August 4th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $26.40 million for the quarter, compared to analyst estimates of $23.55 million. During the same period in the previous year, the business posted ($0.04) earnings per share. The business’s revenue was down 41.2% compared to the same quarter last year. Equities research analysts anticipate that Momenta Pharmaceuticals will post ($1.25) EPS for the current year.
In related news, President Craig A. Wheeler sold 5,880 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $12.02, for a total transaction of $70,677.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 6.10% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position 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 valued at $114,835,000 after buying an additional 265,713 shares during the last quarter. BlackRock Fund Advisors increased its position 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 valued at $53,168,000 after buying an additional 210,607 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Momenta Pharmaceuticals during the second quarter valued at about $26,019,000. Palo Alto Investors LLC increased its position 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 valued at $17,594,000 after buying an additional 160,300 shares during the last quarter. Finally, Sector Gamma AS increased its position in shares of Momenta Pharmaceuticals by 17.3% in the second quarter. Sector Gamma AS now owns 914,979 shares of the biotechnology company’s stock valued at $9,882,000 after buying an additional 134,666 shares during the last quarter. 81.08% of the stock is currently 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).