Momenta Pharmaceuticals, Inc. (MNTA)

[IB2011]

I think this all goes back do Dew's belief that efficient markets are nonsense.

Canaccord is egregiously wrong on several important points. First,the MNTA profit share is more like $78-80 million on an ongoing basis, not $60 million.

Second, Canaccord's guess about approval of T-Enox in Q4 2011 is inconsistent with a price target of $27. If he believes his approval date, he should cut his target.

By the way, UBS says approval of T-Enox will come in July 2011. What a wonderful crystal ball he must have. Or he heard this from a little birdie named TEVA.

Not much fun ending the week this way.