Canaccord Adams initiates coverage on Momenta Pharmaceuticals (Nasdaq: MNTA) with a Buy. Price target $17.
Canaccord analyst says, "We think M-Enoxaparin will be approved by Q1/10 and see rapid commercial uptake. M-Enoxaparin is Momenta’s generic version of Lovenox, a branded low-molecular weight heparin that is no longer patent protected under the latest court ruling. We believe that Sandoz and Momenta have submitted all necessary safety and efficacy information to the FDA for the review of M-Enoxaparin. We believe that all required safety (including immunogenicity) and efficacy data has been submitted to the FDA to the agency’s satisfaction. We also believe that the manufacturing and supply facilities for M-Enoxaparin have passed all required inspections. Momenta has guided to a year-end approval for M-Enoxaparin. We also think that Sandoz and Momenta have sufficient supply of heparin raw materials for immediate commercial launch despite recent supply disruptions due to recent heparin contamination issues."
"We think that M-Enoxaparin will see rapid commercial uptake on launch, which we predict will be in H1/10. We believe that M-Enoxaparin will be approved with AB equivalence to Sanofi’s Lovenox...We think that M356, Momenta’s generic Copaxone, has significant upcoming commercial potential in MS...We think that Momenta and partner Sandoz will present a compelling IP argument to support its Paragraph IV ANDA filing...We believe that M118, Momenta’s novel anticoagulant, could be an important new drug for ACS that, unlike current treatment, could be used in most patients...We believe that M118 has significant partnership potential and Momenta may strike a rich deal as early as 2010...We think that Momenta’s proprietary complex carbohydrate and glycoprotein analytic technology will yield a rich portfolio of commercially successful drugs."
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