Momenta Pharmaceuticals Inc. MNTA was a big mover last session with its shares rising roughly 7% on the day. The upside came on the company’s announcement of an exclusive global collaboration agreement with Mylan N.V. MYL, to develop, manufacture and commercialize six of Momenta’s current biosimilar candidates, including ORENCIA (abatacept). This development led to far more shares changing hands on Friday than in a normal session. The move reverses the recent downtrend of the company, as the stock has lost nearly 12% since Dec 18.
This biotechnology company, focused on developing generic versions of complex drugs, biosimilars, and novel therapeutics for oncology and autoimmune diseases, has seen no estimate revision in the last 30 days. The Zacks Consensus Estimate has also remained unchanged over the same time frame. Friday’s rally is encouraging though, so make sure to keep a close watch on this firm in the near future.
Momenta currently has a Zacks Rank #3 (Hold) and its Earnings ESP is 0.00%.
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