Zacks Investment Research upgraded shares of The Medicines (NASDAQ:MDCO) from a hold rating to a buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $34.00 price objective on the stock.
According to Zacks, “The Medicines Co. has a blockbuster candidate, Inclisiran, in its pipeline. We also await a clearer picture of the commercial potential of Inclisiran, if approved. Moreover, The Medicines Co. has undertaken restructuring program to boost shareholder value. We are also encouraged by the company’s regular divesture of non-core products. This would help the company to optimize its capital structure and enhance its liquidity position. However, with Angiomax sales eroding due to presence of generics, the company’s ability to successfully develop and bring new products to the market is important for growth. Any regulatory setbacks would weigh heavily on the stock. The company’s shares have underperformed the industry in the last one year. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has negative record of earnings surprises in recent quarters.”
MDCO has been the topic of a number of other reports. Guggenheim initiated coverage on shares of The Medicines in a research note on Monday, October 23rd. They issued a buy rating and a $45.00 price objective on the stock. Oppenheimer set a $50.00 price objective on shares of The Medicines and gave the company a buy rating in a research note on Monday, January 15th. ValuEngine raised shares of The Medicines from a sell rating to a hold rating in a research note on Friday, December 1st. Chardan Capital reaffirmed a buy rating and issued a $85.00 price objective on shares of The Medicines in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. reissued an overweight rating and set a $45.00 price target on shares of The Medicines in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $51.70.
In related news, insider Fredric N. Eshelman acquired 200,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was acquired at an average price of $26.56 per share, for a total transaction of $5,312,000.00. Following the completion of the acquisition, the insider now owns 1,028,383 shares of the company’s stock, valued at approximately $27,313,852.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Clive Meanwell sold 136,250 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $27.24, for a total transaction of $3,711,450.00. Following the sale, the chief executive officer now owns 587,652 shares of the company’s stock, valued at approximately $16,007,640.48. The disclosure for this sale can be found here. Company insiders own 8.22% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in shares of The Medicines by 9.0% in the second quarter. State Street Corp now owns 2,220,199 shares of the company’s stock worth $84,391,000 after purchasing an additional 183,086 shares in the last quarter. Royal Bank of Canada increased its stake in shares of The Medicines by 247.7% in the second quarter. Royal Bank of Canada now owns 117,744 shares of the company’s stock worth $4,476,000 after purchasing an additional 83,882 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in shares of The Medicines by 13.3% in the third quarter. Candriam Luxembourg S.C.A. now owns 102,000 shares of the company’s stock worth $3,778,000 after purchasing an additional 12,000 shares in the last quarter. Northern Trust Corp increased its stake in shares of The Medicines by 4.4% in the second quarter. Northern Trust Corp now owns 912,150 shares of the company’s stock worth $34,672,000 after purchasing an additional 38,142 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in The Medicines by 296.9% during the second quarter. PNC Financial Services Group Inc. now owns 8,370 shares of the company’s stock valued at $318,000 after acquiring an additional 6,261 shares in the last quarter.
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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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