Momenta Rises on Upgrade Ahead of Lovenox Ruling

Shares of Momenta Pharmaceuticals Inc. rose Thursday after an analyst upgraded the stock, saying Momenta will soon receive marketing approval for its version of the anti-clotting drug Lovenox.

Momenta expects the Food and Drug Administration to make a ruling on its generic, called M-Enoxaparin, by the end of this year. Oppenheimer analyst Bret Holley agreed that ruling will come soon, and he thinks the agency will approve Momenta's version, along with a competing generic made by Teva Pharmaceutical Industries Ltd.

Holley raised his rating on the stock to "Outperform" from "Perform," and set a price target of $15 per share. In afternoon trading, Momenta shares picked up 60 cents, or 5.6 percent, to $11.26.

Momenta is seeking to market M-Enoxaparin through a partnership with Novartis AG's Sandoz division. The original version is made by Sanofi-Aventis, and Holley expects Momenta and Sandoz to share royalties on the generic.

The analyst said Momenta should win approval for a generic version of Copaxone, a multiple sclerosis drug, by mid-2014. Teva makes the branded version of that drug, and Momenta's generic is designated M356.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.