UPDATE: Bank of America Downgrades Momenta Pharmaceuticals to Underperform on Valuation
Bank of America downgraded Momenta Pharmaceuticals (NASDAQ: MNTA) from Neutral to Underperform and maintained a $14.00 price objective.
Bank of America analyst Sumant S. Kulkarni wrote, "While fundamentals remain similar and we are not changing our model, we are downgrading MNTA from Neutral to Underperform as the stock is trading around our DCF-based PO of $14. We note our model already includes value for generic Copaxone (tough to genericize), and $400mn for future milestones from the Baxter biosimilars partnership (product specifics largely unknown). As a result, we believe the stock, which is up ~18% YTD, already reflects these positives and could underperform other stocks in our coverage cluster. "
Momenta Pharmaceuticals closed at $13.86 on Monday.
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