The Medicines Company (MDCO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of The Medicines Company (NASDAQ:MDCO) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

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 encouraged by the company’s acquisitions and in-licensing agreements to grow its pipeline. Moreover, the company’s shares have outperformed the Zacks classified Medical-Biomedical/Genetics industry in 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 market is important for future growth and any regulatory setbacks would weigh heavily on the stock. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has positive record of earnings surprises in recent quarters.”

A number of other equities research analysts also recently weighed in on the stock. Chardan Capital reaffirmed a buy rating and set a $65.00 price objective on shares of The Medicines Company in a research report on Sunday. Jefferies Group reaffirmed a positive rating and set a $49.00 price objective on shares of The Medicines Company in a research report on Friday, January 6th. HC Wainwright assumed coverage on shares of The Medicines Company in a research report on Monday, December 5th. They set a buy rating and a $57.00 price objective for the company. Guggenheim reaffirmed a buy rating on shares of The Medicines Company in a research report on Friday, November 18th. Finally, Royal Bank Of Canada boosted their price objective on shares of The Medicines Company from $45.00 to $52.00 and gave the company an outperform rating in a research report on Wednesday, November 16th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The Medicines Company has a consensus rating of Buy and a consensus price target of $51.40.

Shares of The Medicines Company (NASDAQ:MDCO) traded down 1.87% on Tuesday, reaching $36.23. 709,998 shares of the company’s stock were exchanged. The Medicines Company has a 1-year low of $27.50 and a 1-year high of $41.79. The company’s market capitalization is $2.54 billion. The stock’s 50-day moving average price is $35.33 and its 200-day moving average price is $36.37.

The Medicines Company (NASDAQ:MDCO) last announced its quarterly earnings data on Wednesday, October 26th. The company reported ($0.64) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.66. The Medicines Company had a negative net margin of 96.44% and a negative return on equity of 35.07%. The business earned $37.60 million during the quarter, compared to the consensus estimate of $37.26 million. During the same quarter in the prior year, the firm earned ($0.82) EPS. The company’s revenue for the quarter was down 34.3% compared to the same quarter last year. Analysts anticipate that The Medicines Company will post ($1.39) EPS for the current fiscal year.

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In related news, Director Fredric N. Eshelman acquired 621,720 shares of the company’s stock in a transaction on Thursday, December 8th. The shares were purchased at an average price of $33.77 per share, for a total transaction of $20,995,484.40. Following the purchase, the director now owns 641,106 shares in the company, valued at $21,650,149.62. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christopher T. Cox acquired 105,500 shares of the company’s stock in a transaction on Thursday, December 8th. The stock was bought at an average price of $33.20 per share, for a total transaction of $3,502,600.00. Following the purchase, the executive vice president now owns 33,670 shares in the company, valued at approximately $1,117,844. The disclosure for this purchase can be found here. Insiders own 7.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC raised its position in The Medicines Company by 83.9% in the third quarter. First Eagle Investment Management LLC now owns 1,020,629 shares of the company’s stock valued at $38,519,000 after buying an additional 465,530 shares in the last quarter. Victory Capital Management Inc. bought a new position in The Medicines Company during the third quarter valued at $12,622,000. Vanguard Group Inc. raised its position in The Medicines Company by 3.9% in the second quarter. Vanguard Group Inc. now owns 5,423,391 shares of the company’s stock valued at $182,388,000 after buying an additional 202,392 shares in the last quarter. Bank of Montreal Can acquired a new stake in The Medicines Company during the second quarter valued at approximately $6,288,000. Finally, RTW Investments LLC acquired a new stake in The Medicines Company during the third quarter valued at approximately $4,642,000.

About The Medicines Company

The Medicines Company is a global biopharmaceutical company. The Company’s marketed products include Angiomax (bivalirudin), Cleviprex (clevidipine) injectable emulsion, Ionsys (fentanyl iontophoretic transdermal system), Kengreal (cangrelor), Minocin (minocycline) for injection, and Orbactiv (oritavancin).

5 Day Chart for NASDAQ:MDCO

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