Momenta Pharmaceuticals, Inc. (NASDAQ: MNTA)
Momenta Pharmaceuticals is having an incredibly rough day in the market today. As soon as the opening bell rang, the stock found itself deep in the red. Throughout the morning, we’ve seen some upward and some downward movement, but the losses seem to be here to stay. Below, we’ll talk about what we’re seeing from MNTA, why, and what we’ll be watching for ahead.
What We’re Seeing From MNTA
As mentioned above, Momenta Pharmaceuticals is having a pretty rough day in the market today. At the open of the trading session, the stock was already trading on dramatic losses. As the session progressed, we saw some upward and some downward movement, but the stock hasn’t been able to shake the big losses. At the moment (11:30), MNTA is trading at $15.96 per share after a loss of $3.04 per share or 16.03% thus far today.
Why The Stock Is Falling
As is almost always the case, our friends at Trade Ideas were the first to send the alert that MNTA was making a run for the top. As soon as we received the alert, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to uncover the story, the declines seem to be the result of concerns surrounding an FDA warning letter.
Early this morning, Momenta Pharmaceuticals announced that Pfizer, the contracted fill/finish manufacturing partner focused on Sandoz has received an FDA warning letter. While the letter does not restrict the production or shipment of the Glatopa 20 mg product, it is proving to be a major concern to investors as the facility that received the warning is a key part of the supply chain. As a result, we’re seeing big declines.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on MNTA. In particular, we’re watching for the company’s next steps as well as Pfizer’s response to the warning letter. Nonetheless, as always, we’ll keep a close eye on the news and be sure to bring it to you as it breaks!
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