Zacks Investment Research upgraded shares of The Medicines Company (NASDAQ:MDCO) from a hold rating to a buy rating in a report issued on Tuesday, August 8th. They currently have $41.00 price objective on the stock.
According to Zacks, “The Medicines Co. has two potential blockbusters, Inclisiran and Carbavance, in different stages of development. Moreover, divestment of non-core assets to drive shareholder value is encouraging. We are also optimistic about the company’s acquisitions and in-licensing agreements to grow its pipeline. Moreover, the company’s shares have outperformed the industry in the last one year. However, the company is facing generic competition for its flagship product, Angiomax. With Angiomax sales eroding due to the presence of generics, the company’s ability to successfully develop and bring new products to the market is important for growth. Therefore, any regulatory setbacks would weigh heavily on the stock. Estimates have been stable lately ahead of the company’s Q2 earnings release. The company has positive record of earnings surprises in recent quarters.”
A number of other research analysts have also weighed in on MDCO. Jefferies Group LLC reissued a buy rating and issued a $62.00 price objective on shares of The Medicines in a report on Wednesday, April 12th. Citigroup Inc. raised their target price on The Medicines from $43.00 to $45.00 and gave the stock a neutral rating in a report on Wednesday, July 26th. CIBC set a $50.00 target price on The Medicines in a report on Tuesday, May 23rd. ValuEngine raised The Medicines from a strong sell rating to a sell rating in a report on Friday, June 2nd. Finally, Oppenheimer Holdings, Inc. assumed coverage on The Medicines in a report on Monday, May 22nd. They set a market perform rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. The Medicines presently has an average rating of Buy and an average target price of $52.00.
The Medicines (NASDAQ:MDCO) traded up 0.28% during midday trading on Tuesday, hitting $35.50. The company’s stock had a trading volume of 775,467 shares. The Medicines has a one year low of $30.80 and a one year high of $55.95. The company’s market cap is $2.55 billion. The company’s 50-day moving average is $37.68 and its 200 day moving average is $44.54.
The Medicines (NASDAQ:MDCO) last announced its quarterly earnings data on Wednesday, August 9th. The company reported ($5.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.29) by $4.23. The firm had revenue of $18.74 million during the quarter, compared to analyst estimates of $29.64 million. The Medicines had a negative net margin of 670.46% and a negative return on equity of 137.20%. The firm’s revenue for the quarter was down 65.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.62) earnings per share. On average, analysts predict that The Medicines will post ($9.57) EPS for the current year.
A number of institutional investors have recently modified their holdings of the company. Piedmont Investment Advisors LLC increased its position in shares of The Medicines by 265.5% in the second quarter. Piedmont Investment Advisors LLC now owns 15,604 shares of the company’s stock worth $593,000 after buying an additional 11,335 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of The Medicines by 4.2% in the second quarter. Ameritas Investment Partners Inc. now owns 6,058 shares of the company’s stock worth $230,000 after buying an additional 243 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of The Medicines by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 53,205 shares of the company’s stock worth $2,023,000 after buying an additional 1,033 shares in the last quarter. Bluefin Trading LLC acquired a new position in shares of The Medicines during the second quarter worth about $214,000. Finally, PointState Capital LP increased its position in shares of The Medicines by 0.8% in the second quarter. PointState Capital LP now owns 1,103,966 shares of the company’s stock worth $41,962,000 after buying an additional 8,866 shares in the last quarter.
The Medicines Company Profile
The Medicines Company is a global biopharmaceutical company. The Company is focused on advancing the treatment of acute and intensive care patients through the delivery of medicines to the hospital marketplace around the world. It markets Angiomax (bivalirudin), Ionsys (fentanyl iontophoretic transdermal system), Minocin (minocycline) for injection and Orbactiv (oritavancin).
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