Player Avatar zzlangerhans (99.85) Submitted: 3/29/2014 9:31:05 PM : Outperform Start Price: $14.20 MNTA Score: -28.93

It's a new year and Momenta is still one of the more complicated companies on my watchlist. Some things never change.

Generic enoxaparin hasn't been a significant contributor to cash flows for a year and a half. Momenta is back to losing 25M a quarter as they await approval of generic Copaxone, their next bridge to sustained positive cash flows. It's unclear for how long and to what degree generic Copaxone will keep Momenta out of runway troubles; Teva has reported strong sales of their new higher dose formulation and several other companies are developing their own generics. For the long-term, Momenta lives or dies by their biosimilar collaboration with Baxter, which is still in the embryonic stages. The heparin mimetic M402 for pancreatic cancer is a wild card, with data from a phase I/II trial expected in the first half of this year. I'd hope that a bump from the approval of generic Copaxone gets me out of this pick before the unpredictable M402 catalyst.

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