Momenta (MNTA) More than Just Copaxone, Maxim Group Says

Maxim Group analyst Jason Kolbert reiterated a Buy rating and $17 price target on Momenta Pharmaceuticals (NASDAQ: MNTA) noting the company is more than just Copaxone.

First Kolbert highlighted a story in Israel about generic copaxone: "At the end of last week, the FDA wrote again that a hearing on the matter (generic copaxone) would be premature. The FDA noted that the trial had not been completed, and the issues that Teva raised would be raised at a hearing if and when a generic version of Copaxone is approved". The author then writes: "the FDA again decided not to decide" and say's: "the actual meaning is positive for Teva, because consideration by the FDA usually takes a lot of time, and any additional time enables Teva to transfer more and more patients to the new patent protected double-dosage version of Copaxone"

Kolbert also highlighted two news items today: : 1. The announcement of acceptance by the UK Medicines and Healthcare Products Regulatory Agency (MHRA) of a Clinical Trial Application (CTA) to initiate a clinical trial for M923, (this is a biosimilar version of Humira - adalimumab), in its collaboration with Baxter International's biopharmaceutical business (BAX- $72.81 - NR). Acceptance of the CTA triggers two milestones under the Baxter collaboration with an aggregate payment of $12M. Momenta expects to receive the payment in December 2014. Momenta's (M923) may be "beyond a biosimilar" and be an interchangeable. 2. Momenta announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to the investigation of necuparanib (M402) for pancreatic cancer.

Commenting on the case, the analyst said, "If Teva wins the Supreme Court decision, its Copaxone patent term will be restored and will last until September 2015. If Sandoz/Momenta wins the case, the patent invalidation will stand, clearing the way to sell the generic version of Copaxone immediately. A decision is expected in late 2014 to early 2015." Kolbert's current assumption is that the approval and launch of generic Copaxone will happen by year-end 2014, but admits that it's just a guess at this point.

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 $11.73 yesterday.

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