Zacks Investment Research upgraded shares of Momenta Pharmaceuticals (NASDAQ:MNTA) from a hold rating to a buy rating in a research note released on Monday morning. Zacks Investment Research currently has $18.00 target price on the biotechnology company’s stock.
According to Zacks, “Momenta initiated a strategic review of its ongoing operations with the goal of reducing expenditure on its biosimilar portfolio, which should free up additional capital to fully fund its novel autoimmune portfolio.The company will now advance only two late-stage biosimilar assets, M923, its wholly-owned proposed biosimilar to Humira and M710, its proposed biosimilar to Eylea being developed in collaboration with Mylan. Momenta expects to file a biologics license application (BLA) for M923 with the FDA and plans to work to identify a commercialization partner for this product candidate. Momenta will restructure its executive team and reduce its workforce by approximately 50%. The cost savings from the restructuring plan should enable the company to redirect a meaningful portion of its resources toward novel drug candidates for the treatment of rare, immune-mediated diseases.Shares of the company have outperformed the industry in the year so far.”
A number of other brokerages also recently commented on MNTA. BidaskClub raised shares of Momenta Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Saturday, July 14th. Cantor Fitzgerald set a $24.00 target price on shares of Momenta Pharmaceuticals and gave the stock a hold rating in a research note on Thursday, August 9th. ValuEngine raised shares of Momenta Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Tuesday, July 10th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $40.00 target price on shares of Momenta Pharmaceuticals in a research note on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $24.25.
Momenta Pharmaceuticals (NASDAQ:MNTA) last issued its earnings results on Thursday, August 9th. The biotechnology company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.50). Momenta Pharmaceuticals had a negative return on equity of 40.55% and a negative net margin of 128.49%. The firm had revenue of $13.00 million for the quarter, compared to analysts’ expectations of $15.83 million. During the same period last year, the firm earned ($0.50) earnings per share. Momenta Pharmaceuticals’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, research analysts anticipate that Momenta Pharmaceuticals will post -2.3 EPS for the current year.
In other Momenta Pharmaceuticals news, Director Elizabeth Stoner sold 4,152 shares of Momenta Pharmaceuticals stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $27.33, for a total transaction of $113,474.16. Following the completion of the sale, the director now directly owns 33,791 shares in the company, valued at $923,508.03. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Craig A. Wheeler sold 1,773 shares of Momenta Pharmaceuticals stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $26.06, for a total transaction of $46,204.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,589 shares of company stock valued at $345,785. Company insiders own 4.80% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank grew its holdings in shares of Momenta Pharmaceuticals by 16.1% in the second quarter. Amalgamated Bank now owns 12,544 shares of the biotechnology company’s stock valued at $257,000 after purchasing an additional 1,739 shares in the last quarter. State of Wisconsin Investment Board grew its holdings in shares of Momenta Pharmaceuticals by 2.7% in the second quarter. State of Wisconsin Investment Board now owns 78,166 shares of the biotechnology company’s stock valued at $1,598,000 after purchasing an additional 2,066 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Momenta Pharmaceuticals by 1.6% in the second quarter. Rhumbline Advisers now owns 185,957 shares of the biotechnology company’s stock valued at $3,803,000 after purchasing an additional 2,913 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Momenta Pharmaceuticals by 16.7% in the first quarter. Russell Investments Group Ltd. now owns 21,669 shares of the biotechnology company’s stock valued at $393,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Aperio Group LLC grew its holdings in shares of Momenta Pharmaceuticals by 17.0% in the second quarter. Aperio Group LLC now owns 21,371 shares of the biotechnology company’s stock valued at $437,000 after purchasing an additional 3,102 shares in the last quarter. Institutional investors and hedge funds own 95.99% of the company’s stock.
Momenta Pharmaceuticals Company Profile
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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