In a report released yesterday, Jay Olson from Oppenheimer maintained a Buy rating on Medicines Co (MDCO), with a price target of $50. The company’s shares closed yesterday at $25.69.
Olson wrote:
“MDCO provided 4Q financial results along with a business update that emphasized strategic optionality. We asked about diligence performed by new CEO Mark Timney ahead of his decision to take on the leadership of role at MDCO and were encouraged by his response. Mr. Timney indicated that conversations with a number of KOLs about the asset convinced him that inclisiran is differentiated and could become a workhorse in LDL-C lowering. Mr. Timney also consulted six pharma companies, which indicated CV disease was still a focus and an area of high unmet need despite widespread use of statins especially around the question of adherence. Data from ORION-9/10/11 is expected in 3Q, although sequence of data release is unclear at this point.”
According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -4.8% and a 40.2% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
Medicines Co has an analyst consensus of Strong Buy, with a price target consensus of $48.50, implying an 88.8% upside from current levels. In a report released yesterday, B.Riley FBR also maintained a Buy rating on the stock with a $38 price target.
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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 1.3M.
Based on the recent corporate insider activity of 37 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. operates as 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.
