I think you are incorrect regarding taxes. They are an issue because it's possible that towards the end of this fiscal year there's a chance that the street will start to disregard T-Copax and then they will start to project reduced earnings for MNTA because of taxes.
It's clearly obvious that the street is pricing Momenta not for todays situation. The price is determined by the future and a 40% cut in income is meaningful.
Keep in mind that once T-Enox leaves the landscape that Momenta turns into an operating company, which are judged by earnings.
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