Zacks Investment Research cut shares of Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA) from a buy rating to a hold rating in a research report report published on Wednesday morning.
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 analysts also recently issued reports on MNTA. BidaskClub raised Momenta Pharmaceuticals from a hold rating to a buy rating in a research note on Friday, June 23rd. Stifel Nicolaus reissued a buy rating and set a $26.00 target price on shares of Momenta Pharmaceuticals in a research note on Thursday, August 3rd. Maxim Group set a $6.00 target price on Momenta Pharmaceuticals and gave the company a sell rating in a research note on Thursday, August 3rd. Goldman Sachs Group, Inc. (The) initiated coverage on Momenta Pharmaceuticals in a research note on Thursday, September 28th. They set a neutral rating and a $18.00 target price on the stock. Finally, Barclays PLC reissued an equal weight rating and set a $16.00 target price (down previously from $17.00) on shares of Momenta Pharmaceuticals in a research note on Wednesday, October 4th. Three analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Momenta Pharmaceuticals has a consensus rating of Hold and a consensus target price of $15.00.
Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) traded up 0.78% on Wednesday, hitting $12.90. The stock had a trading volume of 904,754 shares. The firm has a 50-day moving average price of $16.44 and a 200-day moving average price of $15.79. Momenta Pharmaceuticals has a 52 week low of $10.75 and a 52 week high of $19.90. The stock’s market capitalization is $955.32 million.
Momenta Pharmaceuticals (NASDAQ:MNTA) last issued its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.50). The company had revenue of $23.57 million for 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%. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.31) EPS. Equities analysts expect that Momenta Pharmaceuticals will post ($1.50) earnings per share for the current fiscal year.
In related news, President Craig A. Wheeler sold 4,116 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $15.07, for a total transaction of $62,028.12. Following the completion of the transaction, the president now owns 269,231 shares in the company, valued at approximately $4,057,311.17. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Craig A. Wheeler sold 35,667 shares of the business’s 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 transaction, the president now owns 286,121 shares of the company’s stock, valued at approximately $5,444,882.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,663 shares of company stock valued at $1,414,498. Company insiders own 4.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Eqis Capital Management Inc. purchased a new position in Momenta Pharmaceuticals during the 3rd quarter valued at $379,000. Public Employees Retirement System of Ohio bought a new stake in Momenta Pharmaceuticals during the 2nd quarter valued at $247,000. Piedmont Investment Advisors LLC bought a new stake in Momenta Pharmaceuticals during the 2nd quarter valued at $244,000. Ameritas Investment Partners Inc. raised its position in Momenta Pharmaceuticals by 14.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,446 shares of the biotechnology company’s stock valued at $109,000 after purchasing an additional 834 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in Momenta Pharmaceuticals by 1.6% during the 2nd quarter. California State Teachers Retirement System now owns 130,075 shares of the biotechnology company’s stock valued at $2,198,000 after purchasing an additional 2,099 shares in the last quarter. Institutional investors own 93.88% 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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