Cowen Raises Price Target on Momenta Phama (MNTA) Following 2Q Results
Cowen reiterated a Market Perform rating on Momenta Pharmaceuticals (NASDAQ: MNTA), and raised the price target to $23.00 (from $18.00), following 2Q results. MNTA reported 2Q EPS of ($0.04) vs consensus of ($0.19).
Analyst Ritu Baral commented, "Investor focus remains Glatopa sales. Early launch looks promising with $28.2M in sales but more clarity is needed to determine demand which we will see in the third quarter and the forward sales trajectory. Nevertheless, KOL receptivity to the drug continues to be positive, based on our talks with consultants. Meanwhile, key Copaxone 40mg Mylan IPR decisions are expected in Aug/Sept."
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Shares of Momenta Pharmaceuticals closed at $22.05 yesterday.