B.Riley FBR analyst Mayank Mamtani reiterated a Buy rating on Medicines Co (MDCO) today and set a price target of $38. The company’s shares opened today at $27.22.
Mamtani commented:
“We see positive lateral read-through to MDCO from Amgen, Inc.’s announced plans to initiate a large cardiovascular outcomes (CVOT) Ph. III VESALIUS-CV trial for its cholesterol-lowering anti-PCSK9 antibody, Repatha, in 13k+ patients at high risk of experiencing a first cardiovascular (CV) event. This is part of AMGN’s broader PROFICIO program, where AMGN intends to investigate Repatha across 36 trials and 38k+ patients worldwide with cardiovascular disease. This significant capital deployment toward solidifying and expanding the PCSK9 class market opportunity comes on the heels of a positive jury verdict recently received upholding the validity of two AMGN patents that are the basis of an infringement case against REGN/SNY .”
According to TipRanks.com, Mamtani is a 4-star analyst with an average return of 10.7% and a 67.9% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.
Medicines Co has an analyst consensus of Strong Buy, with a price target consensus of $54.75.
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The company has a one-year high of $41.57 and a one-year low of $16.69. Currently, Medicines Co has an average volume of 1.24M.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDCO in relation to earlier this year.
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The Medicines Co. is a biopharmaceutical company, which focuses on saving lives, alleviating suffering and contributing to the economics of healthcare by focusing on acute and intensive care hospitals worldwide. The firm markets its brands Angiomax, Cleviprex, injectable emulsion, Ionsys, Kengreal, Minocin for injection, and Orbactiv.
