Momenta Pharma rises following upgrade from UBS

Momenta rises as UBS analyst lifts rating, taking more favorable view of generic Copaxone

Associated Press

NEW YORK (AP) -- Shares of Momenta Pharmaceuticals Inc. jumped Thursday after a UBS analyst upgraded the shares, saying she thinks it's more likely the company will be able to start selling a generic version of the multiple sclerosis drug Copaxone in the next few years.

THE SPARK: Analyst Ami Fadia raised her rating on the shares to "Buy" from "Neutral" and increased her price target to $17 per share from $13. Fadia said the company is in good position to become an important maker of generic biotech drugs. She said she upgraded the shares because she now believes there is a better chance Moment can get its generic version of Copaxone approved by the time the drug's patents expire in September 2015.

She said it is possible Momenta could be allowed to launch a generic in May 2014 if it gets a favorable ruling in its litigation against Teva Pharmaceutical Industries Ltd., which makes Copaxone.

THE BIG PICTURE: Momenta's anti-clotting drug Lovenox began facing generic competition in early 2012. The company took a loss for the year and its sales plunged 77 percent to about $64 million. Generic competition hurt the company's sales, reduced prices of the drug, and reduced the payments Momenta gets from its partner Sandoz.

Copaxone is the world's best-selling multiple sclerosis treatment. Teva reported $4 billion in sales in 2012, up 19 percent from the year before.

Momenta said it expects a federal appeals court to make a decision on its generic Copaxone litigation in the second half of the year. The Cambridge, Mass., company is also still in litigation over generic versions of Lovenox.

SHARE ACTION: Momenta shares rose 90 cents, or 7.1 percent, to $13.62. As of Thursday's close, the stock had gained 12 percent since May 8.

View Comments (0)

Recommended for You

  • US billionaire says WWII Japanese ship found in Philippines

    Microsoft co-founder Paul Allen said Wednesday he had found one of Japan's biggest and most famous battleships on a Philippine seabed, some 70 years after American forces sank it during World War II. Excited historians likened the discovery, if verified, to finding the Titanic, as they hailed the…

    AFP
  • NATO flotilla enters Black Sea for training amid Ukraine crisis

    A NATO flotilla arrived in the Black Sea on Wednesday to train with ships from the Bulgarian, Romanian and Turkish navies, the U.S.-led Western alliance said. Tensions in the Black Sea region are running high because of the separatist conflict in eastern Ukraine and Russia's annexation of the…

    Reuters
  • U.S. may review 1959 airplane crash that killed Buddy Holly

    (Reuters) - U.S. transportation safety investigators said on Wednesday they are reviewing a request to reopen a probe into the 1959 airplane crash that killed musicians Buddy Holly, Ritchie Valens, J.P. Richardson, better known as "The Big Bopper," and their pilot. The original investigation 56…

    Reuters
  • View

    Turkish jetliner skids off on runway (9 photos)

    A Turkish Airlines jet landing in dense fog in the Nepalese capital Wednesday skidded off a slippery runway but there were no serious injuries, officials said. Officials at Kathmandu's Tribhuwan International Airport said the plane with 238 people on board was coming from Istanbul when the…

    Yahoo News
  • 175-Pound Pit Bull Hulk Shatters Misconceptions About the Breed

    This dog just may be the world's largest Pit Bull. Only 18-months-old, Hulk weighs a hefty 175 pounds. He's also best friends with a 3-year-old boy.

    ABC News
  • Former marine reported killed in Syria

    A former Royal Marine has become the first Briton to be killed while fighting with Kurdish forces battling Islamic State jihadists in Syria, leaving his family "devastated" Wednesday. Konstandinos Erik Scurfield, 25, died on Monday in a battle with IS militants, a source in the Kurdish People's…

    AFP
  • Killers sought in deaths of 300,000 chickens in South Carolina

    By Harriet McLeod CHARLESTON, S.C. (Reuters) - Revenge may be the motive for the killings in South Carolina of more than 300,000 commercial chickens worth about $1.7 million over the past two weeks, authorities said on Monday. Birds have been found dead of unnatural causes in 16 chicken houses at…

    Reuters
  • Iranian president says Israel 'greatest danger'

    Iranian President Hassan Rouhani on Wednesday said Israel creates the "greatest danger" in the region, after Israeli Prime Minister Benjamin Netanyahu warned against a nuclear deal with the Islamic republic. In a speech on Capitol Hill, Netanyahu said Tuesday the nuclear agreement US President…

    AFP
  • 'Thousands' of Russian troops in east Ukraine: US envoy

    The United States' senior envoy to Europe alleged Wednesday that Russia had deployed "thousands and thousands" of troops to neighboring Ukraine. Speaking to a congressional foreign affairs committee, Assistant Secretary of State Victoria Nuland also told US lawmakers that Russia was flooding…

    AFP
  • Survivor testifies about 2 friends stabbed, bound, drowned

    PHILADELPHIA (AP) — A man who survived being beaten, bound, stabbed in the neck and kicked into the Schuylkill River took the stand in a hearing Tuesday and described the night his two friends lost their lives.

    Associated Press
  • Georgia police officer killed in shootout

    By David Beasley ATLANTA (Reuters) - A Georgia police officer was killed in a shootout with a suspect in suburban Atlanta early on Wednesday, authorities said. Officers went to investigate reports of shots in a suburban neighborhood and came under fire about 1:30 a.m. EST, according to the Fulton…

    Reuters
  • Americans Love K-Cups, but Their Creator Regrets Inventing Them

    Now it seems that John Sylvan, the inventor of the tiny containers, is firmly on Team #KillTheKCup too. “No matter what they say about recycling, those things will never be recyclable,” said Sylvan.

    Takepart.com
  • Paris Hilton brother Conrad to plead guilty to plane assault

    LOS ANGELES (AP) — Paris Hilton's youngest brother, Conrad, agreed to plead guilty to assaulting flight attendants on a trip from London to Los Angeles last year when authorities say he called other passengers "peasants" and threatened to kill crew members.

    Associated Press
  • New Honda Civic breaks Nürburgring record

    The new Honda Civic Type R hot hatchback, officially unveiled at the Geneva Motor Show on Wednesday, is now also officially the world's fastest front-wheel-drive car. As well as taking the wraps off the eagerly awaited 306bhp, 167mph (269km/h) car, Honda also revealed that in testing it had posted…

    AFP Relax News
  • Ferguson Officials React to Department of Justice Report

    Officials in Ferguson will comment Wednesday on a scathing report from the Department of Justice about the police department`s treatment of African Americans.

    Tribune
  • Afghan forces kill dozens of militants in hostage rescue operation

    By Sarwar Amani KANDAHAR (Reuters) - Afghan security forces have killed dozens of militants in a military operation aimed at freeing a group of civilian hostages in southern Afghanistan, an army official said on Wednesday. Eyewitnesses said most passengers belonged to the ethnic Hazara minority, a…

    Reuters
  • Father says no proof his son is 'Jihadi John'

    The father of "Jihadi John" said in an interview published Wednesday that there was no proof that his son was the Islamic State executioner, adding there were a number of "false rumours" circulating. "There is nothing that proves what is being circulated in the media, especially through video clips…

    AFP