Momenta Pharmaceuticals (MNTA) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 4,387,797 to 4,312,750 shares, with 7 days to go before the expiry. The short open interest has decreased by -1.7%, amounting to a reduction of -75,047 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 6.8% of the float of the company. The average daily volume of the stock is 580,539 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Momenta Pharmaceuticals (NASDAQ:MNTA): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $11.95 and $10.66 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $13.50. The buying momentum continued till the end and the stock did not give up its gains. It closed at $13.36, notching a gain of 11.33% for the day. The total traded volume was 2,856,684 . The stock had closed at $12.00 on the previous day.
In a related news, The director, of Momenta Pharmaceuticals Inc, Shapiro Bennett M had unloaded 5,200 shares at $13 per share in a transaction on June 1, 2016. The total value of transaction was $67,600. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.
Momenta Pharmaceuticals, Inc. (Momenta) is a biotechnology company focused on developing generic versions of drugs, biosimilars and therapeutics for oncology and autoimmune disease. The Company has three product areas: Complex Generics, Biosimilars and Novel Therapeutics. The Companys product, a generic version of Lovenox (enoxaparin sodium injection), was approved by the United States Food and Drug Administration. The Company is developing Complex Generics, such as Enoxaparin Sodium Injection and M356. The Company is developing Bosimilars, including M923 and M834. The Company is developing Novel Therapeutics, including Necuparanib. The Company is developing M356 as a generic version of Copaxone. The Company is developing M923, a biosimilar of HUMIRA. The Company is developing M834 as a biosimilar of ORENCIA.