Zacks Investment Research lowered shares of Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA) from a hold rating to a sell rating in a research report released on Friday morning.
According to Zacks, “Momenta’s loss per share came in line with estimates in the second quarter of 2017 while sales beat estimates. The ANDA approval for Glatopa 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. Additionally, Glatopa faces competition from Teva’s thrice-weekly Copaxone. Moreover, the company's patents covering Enoxaparin Sodium Injection were declared invalid and unenforceable. Shares of the company have underperformed the industry so far in 2017. Nevertheless, sales of Glatopa 20mg continue to do well and have captured approximately 40% of the market in the U.S. In addition, a potential approval of M923 will boost investor confidence.”
A number of other analysts have also recently weighed in on MNTA. BidaskClub raised shares of Momenta Pharmaceuticals from a hold rating to a buy rating in a report on Friday, June 23rd. Cowen and Company restated a hold rating and set a $15.00 price target on shares of Momenta Pharmaceuticals in a research report on Wednesday, May 3rd. Maxim Group set a $6.00 price target on shares of Momenta Pharmaceuticals and gave the stock a sell rating in a research report on Thursday. Stifel Nicolaus reiterated a buy rating and issued a $26.00 target price on shares of Momenta Pharmaceuticals in a research report on Thursday. Finally, Aegis reiterated a hold rating and issued a $17.00 target price on shares of Momenta Pharmaceuticals in a research report on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $16.63.
Shares of Momenta Pharmaceuticals (MNTA) traded up 1.55% during trading on Friday, hitting $16.40. 573,993 shares of the stock traded hands. The company’s 50 day moving average is $16.96 and its 200 day moving average is $15.62. Momenta Pharmaceuticals has a 52-week low of $10.50 and a 52-week high of $19.90. The firm’s market cap is $1.20 billion.
Momenta Pharmaceuticals (NASDAQ:MNTA) last released its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.50). Momenta Pharmaceuticals had a negative net margin of 39.35% and a negative return on equity of 12.28%. The firm had revenue of $23.57 million during the quarter, compared to the consensus estimate of $24.64 million. During the same period in the previous year, the firm earned ($0.31) earnings per share. Momenta Pharmaceuticals’s revenue was down 10.8% compared to the same quarter last year. On average, equities research analysts predict that Momenta Pharmaceuticals will post ($1.44) EPS for the current year.
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In related news, President Craig A. Wheeler sold 4,116 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $15.83, for a total value of $65,156.28. Following the transaction, the president now owns 281,919 shares in the company, valued at $4,462,777.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Craig A. Wheeler sold 1,852 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $15.77, for a total value of $29,206.04. The disclosure for this sale can be found here. Insiders sold 8,579 shares of company stock valued at $135,225 over the last three months. 4.40% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in MNTA. First Trust Advisors LP purchased a new position in Momenta Pharmaceuticals during the first quarter worth approximately $1,002,000. Great West Life Assurance Co. Can increased its stake in shares of 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 buying an additional 4,936 shares during the last quarter. Tocqueville Asset Management L.P. increased its stake in shares of Momenta Pharmaceuticals by 4.2% in the first quarter. Tocqueville Asset Management L.P. now owns 275,768 shares of the biotechnology company’s stock valued at $3,682,000 after buying an additional 11,050 shares during the last quarter. Whittier Trust Co. increased its stake in shares of Momenta Pharmaceuticals by 5.1% in the first quarter. Whittier Trust Co. now owns 96,444 shares of the biotechnology company’s stock valued at $1,288,000 after buying an additional 4,658 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of 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 buying an additional 142,012 shares during the last quarter. Hedge funds and other institutional investors own 86.62% 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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