Maxim Group Reiterates Buy On Momenta Pharmaceuticals Following 3Q14 Results
Maxim Group analyst Jason Kolbert reiterated a Buy rating on Momenta Pharmaceuticals (NASDAQ:MNTA) with a price target of $17.00, as the company reported 3Q14 with $177M in cash, modest revenues of $9.3M, and a net loss of $29M.
Kolbert observed, “Momenta’s third quarter was highlighted by expansion of its biosimilars pipeline. The company is focused on Neucparanib (M402) for pancreatic cancer, now in a phase I/II trial, and a potential generic Humira antibody (M923) that may be beyond a biosimilar and be an interchangeable. An application for clinical trials in the EU, if accepted, will trigger $12M in milestone payments from partner Baxter, hypersialylated IVIg, and several other biosimilars and autoimmune products in preclinical development are planned to reach the clinic in the next 18-24 months for a variety of diseases.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 4.5% and a 42.1% success rate. Kolbert has a -0.5% average return when recommending MNTA, and is ranked #805 out of 3365 analysts.