Momenta Pharmaceuticals’ (MNTA) stock dropped 8% Thursday after UBS downgraded it to sell, saying the company’s recent good news has already been priced into the stock. Analyst Marc Goodman wrote that last month’s launch of Momenta’s and partner Novartis’ (NVS) generic version of Teva Pharmaceutical’s (TEVA) blockbuster Copaxone should drive near-term earnings growth, but he says the doubling of the stock price this year has also been driven by
Sandoz, the generics division of Novartis (NVS), and its biotech partner Momenta Pharmaceuticals won FDA approval on Thursday for the first generic version of popular multiple-sclerosis drug Copaxone. The FDA denied a citizens’ petition by Copaxone’s manufacturer, Teva Pharmaceutical Industries (TEVA), requesting further proof of the similarity and safety of any generic version of the drug. Momenta (MNTA) said in a press release that the generic
Good clinical-trial news rolled in for leading drugmakers Wednesday, helping to buoy the group’s recovery on the stock market. Big pharma Pfizer (PFE) said early Wednesday that it had stopped a phase-three trial of its drug Ibrance early because it had already hit its endpoint in patients with metastatic breast cancer. Ibrance was FDA-approved in February based on a similarly successful trial combining it with Novartis ‘ (NVS) Femara as a