Momenta Pharmaceuticals (NASDAQ:MNTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
According to Zacks, “Momenta’s third-quarter results were overshadowed by the disappointing results from a phase I study on the proposed biosimilar verison of Orencia. Momenta announced that M834 did not meet its primary pharmacokinetic end points in a phase I study to compare the pharmacokinetics, safety and immunogenicity of M834 to Orencia in normal healthy volunteers. Earlier, Momenta suffered a blow when the FDA approved Mylan’s generic version of Copaxone 40 mg. On the other hand, Momenta’s 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. Moreover, shares of the company have underperformed the industry in the last six months.”
Other research analysts have also issued research reports about the company. Barclays reissued an “equal weight” rating and set a $16.00 price objective (down previously from $17.00) on shares of Momenta Pharmaceuticals in a report on Wednesday, October 4th. Goldman Sachs Group reissued a “neutral” rating and set a $14.00 price objective (down previously from $18.00) on shares of Momenta Pharmaceuticals in a report on Thursday, October 5th. BidaskClub lowered Momenta Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. J P Morgan Chase & Co reissued a “hold” rating and set a $14.00 price objective on shares of Momenta Pharmaceuticals in a report on Thursday, October 5th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $15.00 price objective (down previously from $22.00) on shares of Momenta Pharmaceuticals in a report on Wednesday, October 4th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $15.00.
Momenta Pharmaceuticals (NASDAQ:MNTA) last issued its earnings results on Wednesday, November 1st. The biotechnology company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.03. Momenta Pharmaceuticals had a negative return on equity of 16.20% and a negative net margin of 55.61%. The company had revenue of $24.09 million for the quarter, compared to analyst estimates of $29.58 million. During the same period in the prior year, the firm posted ($0.26) EPS. The business’s revenue was down 17.3% compared to the same quarter last year. sell-side analysts anticipate that Momenta Pharmaceuticals will post -1.16 EPS for the current fiscal year.
In other Momenta Pharmaceuticals news, CEO Craig A. Wheeler sold 4,116 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $13.35, for a total value of $54,948.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Craig A. Wheeler sold 35,667 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the president now directly owns 286,121 shares in the company, valued at approximately $5,444,882.63. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,006 shares of company stock worth $789,369. 4.40% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. grew its holdings in Momenta Pharmaceuticals by 14.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,446 shares of the biotechnology company’s stock valued at $109,000 after buying an additional 834 shares during the last quarter. Tortoise Investment Management LLC acquired a new stake in Momenta Pharmaceuticals in the 2nd quarter valued at approximately $114,000. Pinebridge Investments L.P. grew its holdings in Momenta Pharmaceuticals by 4.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 8,798 shares of the biotechnology company’s stock valued at $149,000 after buying an additional 363 shares during the last quarter. Profund Advisors LLC grew its holdings in Momenta Pharmaceuticals by 13.1% in the 2nd quarter. Profund Advisors LLC now owns 13,172 shares of the biotechnology company’s stock valued at $223,000 after buying an additional 1,530 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in Momenta Pharmaceuticals by 263.2% in the 2nd quarter. Citigroup Inc. now owns 13,736 shares of the biotechnology company’s stock valued at $232,000 after buying an additional 9,954 shares during the last quarter. 93.45% of the stock is currently owned by hedge funds and other institutional investors.
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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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