Shares of Momenta Pharmaceuticals Inc. (MNTA - Free Report) rallied 23.7% after it announced positive initial data from a study on M254 in immune thrombocytopenia (ITP).The multi-part study has completed Part A, which evaluated the candidate in a single ascending dose (SAD) cohort of healthy volunteers and has advanced into Part B, which will evaluate the same in a SAD cohort of ITP patients.
Interim data from the study showed that five of six patients treated with M254 responded to the treatment and exhibited platelet counts. Based on the positive early data, Momentaexpects to increase the number of patients in Part B and plans to include a lower dose cohort. The company expects to report additional data from Part B of the study, for which the enrollment is ongoing, in the second quarter of 2020.
The company also plans to commence a study of M254 in chronic inflammatory demyelinating polyneuropathy (CIDP) later in 2020.
Shares of the company have skyrocketed 129.1% in the past year against the industry’s decline of 1.8%.
The company also announced that the phase II study on nipocalimab in myasthenia gravis (gMG) is now 80% enrolled. Momenta expects to report top-line data from this study in the third quarter of 2020.
Another phase II study, Unity, on nipocalimab in hemolytic disease of the fetus and the newborn (HDFN) is actively enrolling patients. The company expects to report top-line data from this study in 2021.
Another phase II/III study of nipocalimab in warm autoimmune hemolytic anemia (wAIHA) is ongoing. Nipocalimab has been granted Fast Track and Orphan Drug designations by the FDA for this indication. The company expects to report top-line data from this study around the end of 2021.
The company also stated that it expects to initiate IND-enabling studies on CD38 SIFbody candidate in 2020.
The company had $545.1 million of cash, cash equivalents and marketable securities, as of Dec 31, 2019.
Momenta expects operating expenses for 2020 to be in the range of $220-240 million.
Zacks Rank & Stocks to Consider
Momenta is currently a Zacks Rank #3 (Hold) stock.
A few better-ranked stocks in the biotech sector are Alexion Pharmaceuticals Inc. (ALXN - Free Report) , ASLAN Pharmaceuticals Ltd. (ASLN - Free Report) and Celsion Corporation (CLSN - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alexion’s earnings per share estimates have increased from $9.97 to $10.35 for 2019 and from $10.85 to $11.16 for 2020 in the past 90 days. The company delivered a positive earnings surprise in the trailing four quarters by 12.50%, on average.
ASLAN’s loss per share estimates have narrowed from 69 cents to 67 cents for 2019 and from 62 cents to 61 cents for 2020 in the past 90 days. The company delivered a positive earnings surprise in three of the trailing four quarters by 24.65%, on average.
Celsion’s loss per share estimates have narrowed from $1.00 to 94 cents for 2019 and from 77 cents to 66 cents for 2020 in the past 90 days. The company delivered a positive earnings surprise in three of the trailing four quarters by 51.11%, on average.
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