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Fly News Breaks for July 2, 2015
MNTA
Jul 2, 2015 | 08:29 EDT
UBS downgraded Momenta (MNTA) to Sell and raised its price target to $17 from $16. The firm believes shares are ahead of themselves on expectations Mylan (MYL) may not get approved for generic Copaxone. UBS believes this is unlikely given Mylan management's comments and still assumes Mylan receives approval and launches in September. The firm adds, even if Mylan's launch is delayed a year, they find it hard to justify Momenta's valuation above $18.
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