Wedbush Reiterates PT, Rating On MNTA

Wedbush is reiterating its $27 price target and its Outperform rating on Momenta Pharmaceuticals MNTA after a judge sided with TEVA in his recent decision. Says Wedbush, of the hearing, “On Friday June 17, 2011, a Federal Judge in the Southern District of New York denied a summary judgment motion which had been filed by TEVA and which sought a ruling that TEVA had not committed inequitable conduct in the prosecution of its patents relating to Copaxone. Although summary judgment motions are frequently denied (TEVA had a particularly high evidentiary burden in order to win at this stage), this does leave the door open for Mylan (as well as Momenta and its partner Sandoz) to argue that inequitable conduct did occur. Indeed, the Judge scheduled a hearing specifically on this issue for July 11, roughly two months ahead of the scheduled trial date of September 7, 2011, which we believe to suggest that the judge may be particularly concerned about this issue.” MNTA closed Friday at $17.75.