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Oppenheimer Thinks Medicines Co’s Stock is Going to Recover


In a report released today, 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 $23.99, close to its 52-week low of $23.22.

Olson noted:

“MDCO’s 3Q18 update featured thoughts on AHA guidelines for LDL-C management and commentary around the recent price change for Repatha. We’re encouraged by both of these dynamics and believe updated AHA treatment guidelines, which could recommend more aggressive treatment with PCSK9 antibodies, along with lower pricing which should improve access, are synergistic factors potentially accelerating PCSK9 market growth. With regard to financials, MDCO reported $(0.70) EPS roughly in line with $(0.73E) consensus. It also provided an update on restructuring which is essentially complete. MDCO has successfully executed its plan to streamline operations by divesting non-core assets and is now optimized to focus on inclisiran. We update our model with 3Q results and maintain our Outperform rating, $50 PT.”

According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -3.5% and a 40.4% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.

Currently, the analyst consensus on Medicines Co is a Strong Buy with an average price target of $61.67.

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Based on Medicines Co’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $55.63 million. In comparison, last year the company had a GAAP net loss of $30.18 million.

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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.