Momenta Pharmaceuticals, Inc. (MNTA)

[jbog]

? Thoughts on the stock: We see favorable risk-reward at current levels


At current levels we see ~10% downside if Copaxone’s launch gets delayed beyond Sept 2015 and upside of ~30% if Momenta can launch Copaxone in mid-2014. Also, improved pipeline visibility could drive further upside in the LT.

? Valuation: The stock reflects minimal expectations for the pipeline. Our DCF valuation uses a WACC of 12% and a 3% terminal growth.

This incl. ~$5 of cash, ~$5 for generic Copaxone, $2 for Lovenox and ~$5 for the pipeline.


Well, this is depressing.