Biotech Values

[DewDiligence]

More color from today’s Cowen report on MNTA:

Maybe Cowen will start the fireworks and issue some recommendation.

Actually, Cowen already has MNTA ranked at Outperform. In today’s report, Cowen says:

While competitor Teva has said it will soon gain FDA approval [for Lovenox], reasons to explain the delay relative to Momenta’s approval are lacking. We believe Sandoz/Momenta will retain sole-generic status for the foreseeable future.

I hate this phrase because it doesn’t have a useful definition (how far into the future can one foresee?), but Cowen deserves credit for not lapping up the BS emanating from Sanford Bernstein—or from Teva itself.

Today’s Cowen report also says:

On a scenario-adjusted basis, we believe M-enoxaparin is worth mid $20’s per share to MNTA.

In other words, one should add this mid-20’s figure to whatever one thinks the non-Lovenox components of MNTA’s business are worth to arrive at a bottom-line valuation figure. Cowen hasn’t done this in today’s report, but I have: #msg-54022252 :- )