Zacks Investment Research upgraded shares of The Medicines (NASDAQ:MDCO) from a sell rating to a hold rating in a research report report published on Friday morning.
According to Zacks, “The Medicines Company reported dismal third-quarter results with earnings and sales missing estimates. However, the company's pipeline boasts a potential blockbuster candidate, inclisiran, being developed for hypercholesterolemia. Moreover, the company implemented a workforce lay-off last year for better alignment of its cost and structure. We are also encouraged by The Medicines Co.’s regular divestiture of non-core products. This will optimize its capital structure and enhance its liquidity position. However, with divestment of its marketed products, the company’s ability to successfully develop and bring in new products to the market is highly important for growth. Any regulatory setback will weigh heavily on the stock. Shares of the company have underperformed the industry in the past six months.”
MDCO has been the topic of a number of other reports. Cowen set a $46.00 target price on shares of The Medicines and gave the stock a buy rating in a report on Sunday, November 11th. BidaskClub upgraded shares of The Medicines from a strong sell rating to a sell rating in a report on Thursday, November 22nd. Oppenheimer set a $50.00 target price on shares of The Medicines and gave the stock a buy rating in a report on Friday, November 9th. ValuEngine downgraded shares of The Medicines from a buy rating to a hold rating in a report on Monday, September 24th. Finally, Citigroup boosted their price target on shares of The Medicines from $40.00 to $50.00 and gave the company a buy rating in a report on Monday, August 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $52.75.
The Medicines (NASDAQ:MDCO) last released its earnings results on Thursday, November 8th. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.13). The Medicines had a negative return on equity of 1,477.75% and a negative net margin of 668.93%. The business had revenue of ($3.30) million during the quarter, compared to the consensus estimate of $1.88 million. During the same quarter in the previous year, the firm earned ($1.19) earnings per share. The firm’s revenue for the quarter was down 141.8% compared to the same quarter last year. On average, research analysts expect that The Medicines will post -2.91 EPS for the current fiscal year.
In other news, EVP Christopher T. Cox purchased 50,300 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were acquired at an average price of $19.73 per share, for a total transaction of $992,419.00. Following the completion of the acquisition, the executive vice president now directly owns 60,308 shares of the company’s stock, valued at $1,189,876.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clive Meanwell sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $39.31, for a total transaction of $1,965,500.00. Following the sale, the chief executive officer now owns 352,409 shares in the company, valued at approximately $13,853,197.79. The disclosure for this sale can be found here. 10.29% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in MDCO. PointState Capital LP raised its holdings in shares of The Medicines by 8.3% during the second quarter. PointState Capital LP now owns 4,012,490 shares of the company’s stock valued at $147,258,000 after acquiring an additional 306,343 shares during the period. University of Notre Dame DU Lac increased its stake in The Medicines by 248.0% in the 3rd quarter. University of Notre Dame DU Lac now owns 297,859 shares of the company’s stock valued at $8,909,000 after buying an additional 212,277 shares during the period. Advisors Asset Management Inc. increased its stake in The Medicines by 797.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 211,686 shares of the company’s stock valued at $790,000 after buying an additional 188,086 shares during the period. Vanguard Group Inc. increased its stake in The Medicines by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 6,681,573 shares of the company’s stock valued at $199,846,000 after buying an additional 162,702 shares during the period. Finally, FMR LLC increased its stake in The Medicines by 1.2% in the 3rd quarter. FMR LLC now owns 11,068,729 shares of the company’s stock valued at $331,066,000 after buying an additional 127,139 shares during the period.
About The Medicines
The Medicines Company, a biopharmaceutical company, provides medicines to treat acute and intensive care patients. The company markets Angiomax, an intravenous direct thrombin inhibitor used as an anticoagulant in combination with aspirin in patients with unstable angina undergoing percutaneous transluminal coronary angioplasty, and for patients undergoing percutaneous coronary intervention in the United States.
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