Canaccord Genuity Reiterates a 'Buy' on Momenta Pharmaceuticals (MNTA); SNY vs. FDA on m-enox: New Judge, Same Pro-FDA Sentiment
December 13, 2011 8:44 AM EST Canaccord Genuity reiterates a 'Buy' on Momenta Pharmaceuticals (NASDAQ: MNTA) price target of $23.00.
Canaccord analyst, Ritu Baral, said, "Reiterate rating and price target on stabilized near-term m-enox revenue, generic Copaxone potential. We think the Amphastar preliminary injunction may apply to other enoxes and hold until mid-2013. We estimate MNTA’s m-enox will capture 55% of the enoxaparin market until then. We think the generic Copaxone suit will resolve in Momenta’s favor mid-2012."
"We believe new case judge still favorably inclined to FDA/ Sandoz. In last week’s summary judgement hearing requested by Sanofi, Judge Amy Jackson deferred to FDA expertise on statute interpretations of information categories FDA could request in an ANDA. Recall Sanofi argues FDA exceeded its authority when approving m-enox under the 505(j) ANDA path by requesting immunogenicity data, which Sanofi argues is clinical safety data requiring 505(b)(2) review.