Maxim Group Starts Momenta Pharmaceuticals (MNTA) at Buy

Maxim Group initiates coverage on Momenta Pharmaceuticals (NASDAQ: MNTA) with a Buy rating and a price target of $24.00.

Analyst Pamela Bassett comments, "We believe the company has a validated, scientific approach to the analysis and engineering of complex generic drugs that has been proven with the approval and launch of their fully interchangeable enoxaparin generic of Sanofi’s (SNY - $52.66 - NR) blood-thinner, Lovenox. We expect Momenta’s generic glatiramer acetate injection (M356) of Teva’s (TEVA - $50.00 - HOLD) Copaxone for the treatment of relapsing remitting multiple sclerosis (RRMS) to follow the regulatory path paved by enoxaparin. We anticipate FDA approval of M356, partnered with Sandoz, by June 2014 and the launch of an interchangeable version that we expect to rapidly capture market share, a boost to the company’s value and significant catalyst for the stock, in our view."

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 $10.31 yesterday.

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