Stifel Reiterates Buy on Momenta Pharma (MNTA) Following Positive Phase 3 Data

November 29, 2016 10:28 AM EST
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Price: $14.45 +0.70%

Rating Summary:
    10 Buy, 3 Hold, 2 Sell

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Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Stifel reiterated a Buy rating and $20.00 price target on Momenta Pharmaceuticals (NASDAQ: MNTA) following the company's positive Phase 3 data for Humira.

Analyst Thomas Shrader commented, "Momenta reported positive Phase 3 data in patients with moderate to severe plaque psoriasis for its biosimilar Humira (M923) including equivalence to branded Humira in the PASI-75 endpoint following 16 weeks of treatment. Management commented only that the estimated difference in responders was “well within” the pre-specified confidence interval and that secondary endpoints were also equivalent and adverse events were similar. We find this news unsurprising given Momenta’s focus on analytical characterization of complex biological molecules. The major question remains whether the FDA will set the bar for biosimilar equivalence so low that Momenta’s unique analytical abilities (including cell line engineering) become hard to monetize. We find the upcoming efforts to re-partner M923 likely to be telling with respect to this issue. On other fronts, the efforts to bring Q3W Glatopa to market are gaining steam, we believe."

For an analyst ratings summary and ratings history on Momenta Pharmaceuticals click here. For more ratings news on Momenta Pharmaceuticals click here.

Shares of Momenta Pharmaceuticals closed at $13.90 yesterday.

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