UPDATE: Canaccord Genuity Downgrades Momenta Pharmaceuticals (MNTA) to Hold; Negative Copaxone Ruling

(Updated - June 25, 2012 8:23 AM EDT)

Canaccord Genuity downgraded Momenta Pharmaceuticals (NASDAQ: MNTA) from Buy to Hold with a price target of $12.00 (from $17.00).

Analyst, Ritu Baral, said, "M-enox revenues are now a modest royalty stream. Friday’s negative ruling on Copaxone delays potential launch of M356 (generic Copaxone). While MNTA's Baxter-partnered biosimilars program and branded drugs have significant long-term potential, lack of near-term catalysts likely limits 12-month upside."

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 $17.01 yesterday.

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