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UBS Maintains a 'Neutral' on Momenta Pharmaceuticals (MNTA); Adjusting PT for Increased Macro Concerns

September 8, 2011 10:11 AM EDT Send to a Friend
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Price: $12.00 --0%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 7 | New: 23
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UBS maintains a 'Neutral' on Momenta Pharmaceuticals (NASDAQ: MNTA) price target lowered from $20 to $17.

UBS analyst says, "We are updating our valuation for Momenta to reflect the continued concerns about the equity markets and the resulting impact on equity risk premiums. This is mainly driven by the increasing macro pressures than any fundamental changes to the company. Separately, we are also pushing out the estimated Enoxaparin launch by Teva from 3Q11 to 4Q11. Further, we are taking the opportunity to switch from a TRx to an extended unit based market model for Enoxaparin."

"We are raising the estimated WACC used for the DCF valuation from 12.5% to 13.5% which lowered our valuation from $20 to $17. Separately, the change in timing of Teva's Enoxaparin launch raised our EPS estimate for 2011/2012 by $1.51/$0.14, respectively."

For more ratings news on Momenta Pharmaceuticals click here and for the rating history of Momenta Pharmaceuticals click here.

Shares of Momenta Pharmaceuticals closed at $16.92 yesterday.




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