UPDATE: Bank of America Merrill Lynch Initiates Momenta Pharmaceuticals at Underperform

Bank of America Merrill Lynch is out with its report today on Momenta Pharmaceuticals MNTA, initiating MNTA at Underperform. In a note to clients, Bank of America Merrill Lynch writes, "We believe MNTA could underperform vs. other stocks in our coverage as: 1) potential competition on generic Lovenox could enter any time and significantly change MNTA's economics on the product, 2) legal and regulatory uncertainty on generic Copaxone remains, and 3) limited information exists on identity or 'ripeness' of other pipeline drugs that makes future partnerships, especially on biosimilars, difficult to model." Bank of America Merrill Lynch has a $19 PO on MNTA. Shares of MNTA closed Monday at $19.67.