Momenta Pharmaceuticals MNTA shares spiked sharply Friday following news of a legal ruling invalidating Teva Pharmaceutical's TEVA patents on Copaxone in 2015 and partly invalidating its 2014 patents.
Bernstein analyst Ronny Gal sees a 75 percent chance of the court decision being favorable for Momenta. The ruling could open the door to Momenta introducing a generic Copaxone within the next few months, according to Gal.
If Momenta is able to introduce the first generic Copaxone by May 2014, Gal believes shares could be valued at $30. This is nearly twice the $15.35 level shares were trading at prior to Friday's spike.
Gal believes a later release by Q4 2015 could spell upside of 30 percent from current levels to $23 per share.
Gal rates Momenta at Outperform with a $20 price target.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in