It sounds like Cannacord is now out to lunch on MNTA too, but they're trying to hedge their bets with a high price target. It sounds like they don't know anything.
Cannacord/UBS updated notes defy logic on the ANDA process. You don't get a minor def. letter and then get FDA approval in the same year for something as complex as Lovenox, esp. when you have no IP -> $TEVA. Both have this insane idea that $TEVA will be able to get approval in 2011, even though it took $MNTA 32(!) months to get approval of M-enox after receiving a minor def letter. So how could a company with inferior tech. turn around and get approval 3 times faster than the company that did get approval?
I actually sent Ritu an email to see if she'd respond. Doubt she's even capable of comprehending anything I have to say anyways.
(this was posted on the MNTA board, but its valid to discuss here.)
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Canaccord Genuity reiterates a 'Buy' on Momenta Pharmaceuticals (NASDAQ: MNTA), PT $27.
Canaccord analyst says, "We think sales of menoxaparin (MNTA/Sandoz’ generic Lovenox) are strong, but Teva’s (Nasdaq: TEVA) generic enox may be out in Q4/11. We think M356, MNTA/Sandoz’ generic Copaxone, is approvable without large clinical trials and MNTA will progress its patent suit in September 2011.Our $27 target is based on a sum-of-the-parts analysis."
"We estimate m-enox MNTA profit share run rate at ~ $60MM until Tevanox is
launched. We think Q1/11 strength was due to stocking by two new suppliers.
We still think TEVA’s generic Lovenox may be approved in 2011."
