Momenta Pharmaceuticals (MNTA) - Get Report soared Wednesday after a pair of analysts issued bullish reports on shares of the biopharma amid promising results for a new, multibillion-dollar therapy the company is developing.
Momenta's stock price jumped 15.62% to $29.32 a share after a JPMorgan analyst upgraded his rating on the biopharma's stock and an analyst at SunTrust Robinson Humphrey hiked her price target.
JPMorgan analyst Eric Joseph boosted his rating on Momenta to overweight from neutral, citing encouraging results from trials of the company's experimental, alternative treatment for an inflammatory blood disease known as ITP..
Momenta's proposed treatment, M254, could provide an alternative to the current therapy, intravenous immunoglobulin, with a potential market of $6 billion, the JPMorgan analyst noted.
The analyst also more than doubled his price target to $30 a share, up from $14 previously.
Momenta's "share levels under-reflect the commercial potential of M254, with still conservative probability of success expectations," he wrote.
Robyn Karnauskas, an analyst at SunTrust Robinson Humphrey, boosted her price target on Momenta to $50 a share, up from $29 previously.
She maintained her buy rating as well, citing "positive data" that "expands the market potential" of the company's new treatment, M254.
The SunTrust Robinson Humphrey analyst also raised her projections for the new treatment, M254, from $600 million in sales to a peak of $1 billion.
"We expect 2020 to be a significant year of value inflection for Momenta, as we approach key data readouts across our novel auto- and alloimmune programs," said Craig Wheeler, president and CEO of Momenta, in a press statement.