Intrinsic value of Momenta Pharmaceuticals - MNTA

Previous Close

$30.35

  Intrinsic Value

$1.27

stock screener

  Rating & Target

str. sell

-96%

Previous close

$30.35

 
Intrinsic value

$1.27

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of MNTA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.70
  24.53
  22.58
  20.82
  19.24
  17.81
  16.53
  15.38
  14.34
  13.41
  12.57
  11.81
  11.13
  10.52
  9.96
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
Revenue, $m
  176
  219
  269
  325
  387
  456
  532
  613
  701
  795
  895
  1,001
  1,113
  1,230
  1,352
  1,480
  1,614
  1,753
  1,898
  2,048
  2,204
  2,367
  2,536
  2,711
  2,894
  3,084
  3,281
  3,487
  3,701
  3,923
Variable operating expenses, $m
  283
  352
  431
  521
  621
  732
  853
  984
  1,125
  1,276
  1,436
  1,605
  1,784
  1,971
  2,168
  2,373
  2,587
  2,810
  3,042
  3,283
  3,534
  3,795
  4,065
  4,347
  4,639
  4,944
  5,260
  5,590
  5,933
  6,290
Fixed operating expenses, $m
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
Total operating expenses, $m
  291
  360
  440
  530
  630
  741
  862
  994
  1,135
  1,286
  1,446
  1,615
  1,795
  1,982
  2,179
  2,384
  2,599
  2,822
  3,054
  3,295
  3,547
  3,808
  4,078
  4,360
  4,653
  4,958
  5,274
  5,605
  5,948
  6,305
Operating income, $m
  -115
  -141
  -171
  -205
  -243
  -285
  -330
  -380
  -433
  -490
  -550
  -614
  -682
  -752
  -827
  -904
  -985
  -1,069
  -1,157
  -1,248
  -1,342
  -1,441
  -1,543
  -1,649
  -1,759
  -1,874
  -1,993
  -2,118
  -2,247
  -2,382
EBITDA, $m
  -111
  -136
  -165
  -198
  -234
  -274
  -319
  -366
  -418
  -473
  -531
  -593
  -658
  -726
  -797
  -872
  -950
  -1,031
  -1,116
  -1,203
  -1,295
  -1,389
  -1,488
  -1,590
  -1,697
  -1,807
  -1,922
  -2,042
  -2,167
  -2,297
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  8
  11
  13
  16
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  58
  63
  68
  74
  79
  85
  91
  98
  104
  111
  118
Earnings before tax, $m
  -115
  -142
  -174
  -209
  -249
  -293
  -341
  -393
  -449
  -509
  -572
  -639
  -710
  -785
  -863
  -944
  -1,029
  -1,118
  -1,210
  -1,306
  -1,405
  -1,509
  -1,617
  -1,728
  -1,845
  -1,965
  -2,091
  -2,222
  -2,358
  -2,500
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -115
  -142
  -174
  -209
  -249
  -293
  -341
  -393
  -449
  -509
  -572
  -639
  -710
  -785
  -863
  -944
  -1,029
  -1,118
  -1,210
  -1,306
  -1,405
  -1,509
  -1,617
  -1,728
  -1,845
  -1,965
  -2,091
  -2,222
  -2,358
  -2,500

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  175
  218
  267
  323
  385
  454
  529
  610
  698
  792
  891
  996
  1,107
  1,224
  1,345
  1,473
  1,606
  1,744
  1,888
  2,038
  2,193
  2,355
  2,523
  2,698
  2,880
  3,068
  3,265
  3,469
  3,682
  3,904
Adjusted assets (=assets-cash), $m
  175
  218
  267
  323
  385
  454
  529
  610
  698
  792
  891
  996
  1,107
  1,224
  1,345
  1,473
  1,606
  1,744
  1,888
  2,038
  2,193
  2,355
  2,523
  2,698
  2,880
  3,068
  3,265
  3,469
  3,682
  3,904
Revenue / Adjusted assets
  1.006
  1.005
  1.007
  1.006
  1.005
  1.004
  1.006
  1.005
  1.004
  1.004
  1.004
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
  1.005
Average production assets, $m
  38
  47
  58
  70
  84
  99
  115
  133
  152
  172
  193
  216
  240
  266
  292
  320
  349
  379
  410
  442
  476
  511
  548
  586
  625
  666
  709
  753
  799
  847
Working capital, $m
  -14
  -18
  -22
  -27
  -32
  -37
  -44
  -50
  -58
  -65
  -73
  -82
  -91
  -101
  -111
  -121
  -132
  -144
  -156
  -168
  -181
  -194
  -208
  -222
  -237
  -253
  -269
  -286
  -303
  -322
Total debt, $m
  23
  49
  80
  114
  152
  195
  241
  291
  345
  403
  464
  529
  598
  669
  745
  823
  905
  991
  1,080
  1,172
  1,268
  1,368
  1,471
  1,579
  1,691
  1,808
  1,929
  2,055
  2,186
  2,323
Total liabilities, $m
  108
  135
  165
  199
  238
  280
  326
  377
  431
  488
  550
  615
  683
  755
  830
  909
  991
  1,076
  1,165
  1,257
  1,353
  1,453
  1,557
  1,665
  1,777
  1,893
  2,014
  2,141
  2,272
  2,409
Total equity, $m
  67
  84
  102
  124
  148
  174
  203
  234
  267
  303
  341
  382
  424
  469
  515
  564
  615
  668
  723
  780
  840
  902
  966
  1,033
  1,103
  1,175
  1,250
  1,329
  1,410
  1,495
Total liabilities and equity, $m
  175
  219
  267
  323
  386
  454
  529
  611
  698
  791
  891
  997
  1,107
  1,224
  1,345
  1,473
  1,606
  1,744
  1,888
  2,037
  2,193
  2,355
  2,523
  2,698
  2,880
  3,068
  3,264
  3,470
  3,682
  3,904
Debt-to-equity ratio
  0.340
  0.590
  0.780
  0.920
  1.030
  1.120
  1.190
  1.250
  1.290
  1.330
  1.360
  1.390
  1.410
  1.430
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -115
  -142
  -174
  -209
  -249
  -293
  -341
  -393
  -449
  -509
  -572
  -639
  -710
  -785
  -863
  -944
  -1,029
  -1,118
  -1,210
  -1,306
  -1,405
  -1,509
  -1,617
  -1,728
  -1,845
  -1,965
  -2,091
  -2,222
  -2,358
  -2,500
Depreciation, amort., depletion, $m
  4
  5
  6
  7
  9
  10
  12
  14
  16
  18
  19
  22
  24
  27
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  75
  80
  85
Funds from operations, $m
  -111
  -137
  -168
  -202
  -240
  -283
  -329
  -379
  -433
  -491
  -553
  -618
  -686
  -758
  -834
  -912
  -994
  -1,080
  -1,169
  -1,262
  -1,358
  -1,458
  -1,562
  -1,670
  -1,782
  -1,899
  -2,020
  -2,146
  -2,278
  -2,415
Change in working capital, $m
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
Cash from operations, $m
  -108
  -134
  -163
  -197
  -235
  -277
  -323
  -373
  -426
  -483
  -544
  -609
  -677
  -749
  -823
  -902
  -983
  -1,069
  -1,157
  -1,249
  -1,345
  -1,445
  -1,548
  -1,655
  -1,767
  -1,883
  -2,004
  -2,130
  -2,260
  -2,397
Maintenance CAPEX, $m
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
New CAPEX, $m
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
Cash from investing activities, $m
  -11
  -13
  -16
  -18
  -20
  -23
  -26
  -29
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -87
  -93
  -98
  -104
  -110
  -115
  -121
  -128
Free cash flow, $m
  -119
  -147
  -179
  -215
  -256
  -300
  -349
  -402
  -458
  -519
  -583
  -651
  -723
  -798
  -877
  -959
  -1,044
  -1,133
  -1,226
  -1,323
  -1,423
  -1,527
  -1,636
  -1,748
  -1,865
  -1,987
  -2,113
  -2,245
  -2,382
  -2,525
Issuance/(repayment) of debt, $m
  23
  27
  30
  34
  38
  42
  46
  50
  54
  58
  61
  65
  68
  72
  75
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  137
Issuance/(repurchase) of shares, $m
  129
  159
  193
  231
  273
  319
  370
  424
  482
  545
  610
  680
  753
  829
  909
  993
  1,080
  1,171
  1,265
  1,363
  1,465
  1,571
  1,681
  1,795
  1,914
  2,038
  2,166
  2,300
  2,439
  2,585
Cash from financing (excl. dividends), $m  
  152
  186
  223
  265
  311
  361
  416
  474
  536
  603
  671
  745
  821
  901
  984
  1,072
  1,162
  1,256
  1,354
  1,455
  1,561
  1,671
  1,785
  1,903
  2,026
  2,155
  2,287
  2,426
  2,570
  2,722
Total cash flow (excl. dividends), $m
  33
  39
  44
  50
  56
  61
  67
  73
  78
  83
  88
  93
  98
  103
  108
  113
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  174
  181
  189
  197
Retained Cash Flow (-), $m
  -129
  -159
  -193
  -231
  -273
  -319
  -370
  -424
  -482
  -545
  -610
  -680
  -753
  -829
  -909
  -993
  -1,080
  -1,171
  -1,265
  -1,363
  -1,465
  -1,571
  -1,681
  -1,795
  -1,914
  -2,038
  -2,166
  -2,300
  -2,439
  -2,585
Prev. year cash balance distribution, $m
  321
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  16
  20
  25
  31
  38
  45
  53
  62
  71
  81
  92
  104
  116
  129
  143
  157
  172
  187
  203
  220
  238
  256
  275
  294
  315
  336
  358
  381
  404
  429
Cash available for distribution, $m
  225
  -120
  -149
  -181
  -217
  -258
  -303
  -352
  -404
  -461
  -522
  -586
  -654
  -726
  -801
  -880
  -962
  -1,048
  -1,137
  -1,230
  -1,327
  -1,427
  -1,532
  -1,640
  -1,753
  -1,870
  -1,992
  -2,119
  -2,251
  -2,388
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  216
  -110
  -129
  -149
  -168
  -187
  -204
  -220
  -232
  -242
  -248
  -250
  -249
  -244
  -235
  -224
  -209
  -193
  -175
  -156
  -137
  -118
  -100
  -84
  -68
  -55
  -43
  -33
  -25
  -18
Current shareholders' claim on cash, %
  70.8
  50.6
  36.4
  26.4
  19.2
  14.1
  10.4
  7.7
  5.7
  4.2
  3.2
  2.4
  1.8
  1.3
  1.0
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0

Momenta Pharmaceuticals, Inc. is a biotechnology company. The Company is focused on developing generic versions of drugs, biosimilars and therapeutics for oncology and autoimmune disease. The Company has developed generic version of LOVENOX (enoxaparin sodium injection) and COPAXONE (glatiramer acetate injection). GLATOPA 20 milligrams (mg)/ milliliters (mL) is a generic version of once-daily COPAXONE 20 mg/mL indicated for the treatment of patients with relapsing forms of multiple sclerosis, a chronic disease of the central nervous system characterized by inflammation and neurodegeneration. COPAXONE is available in both a once-daily 20 mg/mL formulation and a three-times-weekly 40 mg/mL formulation. The Company's Enoxaparin Sodium Injection is a generic version of LOVENOX indicated for the prevention and treatment of deep vein thrombosis and to support the treatment of acute coronary syndromes. The Company's programs include M254, M281 (Anti-FcRn candidate) and M230.

FINANCIAL RATIOS  of  Momenta Pharmaceuticals (MNTA)

Valuation Ratios
P/E Ratio -102.7
Price to Sales 19.6
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 269.7
Price to Free Cash Flow 1078.6
Growth Rates
Sales Growth Rate 22.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -4.7%
Ret/ On Assets - 3 Yr. Avg. -21.2%
Return On Total Capital -5.7%
Ret/ On T. Cap. - 3 Yr. Avg. -25.4%
Return On Equity -5.7%
Return On Equity - 3 Yr. Avg. -25.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -10%
EBITDA Margin - 3 Yr. Avg. -88.4%
Operating Margin -67.3%
Oper. Margin - 3 Yr. Avg. -117.6%
Pre-Tax Margin -19.1%
Pre-Tax Margin - 3 Yr. Avg. -100.6%
Net Profit Margin -19.1%
Net Profit Margin - 3 Yr. Avg. -100.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MNTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNTA stock intrinsic value calculation we used $139 million for the last fiscal year's total revenue generated by Momenta Pharmaceuticals. The default revenue input number comes from 2017 income statement of Momenta Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MNTA stock valuation model: a) initial revenue growth rate of 26.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MNTA is calculated based on our internal credit rating of Momenta Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Momenta Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MNTA stock the variable cost ratio is equal to 160.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for MNTA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Momenta Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Momenta Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MNTA stock is equal to 11.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MNTA are equal to 21.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Momenta Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MNTA is equal to -8.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $374 million for Momenta Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 73 million for Momenta Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Momenta Pharmaceuticals at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Momenta Pharmaceuticals Contemplates Its Future   [May-15-18 01:49PM  Motley Fool]
▶ Boston biotech entrepreneur Christoph Westphal launches new startup   [May-02-18 11:56AM  American City Business Journals]
▶ Momenta Pharmaceuticals Wraps Up a Bleak Year   [Feb-22-18 03:04PM  Motley Fool]
▶ Momenta posts 4Q profit   [Feb-21-18 08:29AM  Associated Press]
▶ What Happened in the Stock Market Today   [Jan-05-18 05:06PM  Motley Fool]
▶ The Stock Market Is on Autopilot   [01:44PM  TheStreet.com]
▶ Price, Momentum Driving the Action Now   [01:20PM  TheStreet.com]
▶ Momenta Pharmaceuticals, Inc.'s Rough Month   [Nov-10-17 03:30PM  Motley Fool]
▶ Why Momenta Pharmaceuticals Fell 12.6% Today   [Nov-01-17 04:30PM  Motley Fool]
▶ Momenta reports 3Q loss   [08:13AM  Associated Press]
▶ How Mylan's MS-Generic Approval Caused Teva, Momenta To Plunge   [04:11PM  Investor's Business Daily]
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