The Medicines Co. (MDCO) Earns Buy Rating from JPMorgan Chase & Co.
The Medicines Co. (NASDAQ:MDCO)‘s stock had its “buy” rating reaffirmed by equities researchers at JPMorgan Chase & Co. in a report released on Thursday.
Several other research analysts have also weighed in on the company. Leerink Swann reissued a “buy” rating and issued a $53.00 price objective on shares of The Medicines in a research report on Thursday, June 23rd. Bank of America Corp. reissued a “buy” rating on shares of The Medicines in a research report on Tuesday, July 12th. Guggenheim lifted their price objective on The Medicines from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Cowen and Company reissued a “buy” rating and issued a $45.00 price objective on shares of The Medicines in a research report on Friday, August 5th. Finally, Zacks Investment Research raised The Medicines from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The Medicines has an average rating of “Buy” and a consensus target price of $47.33.
The Medicines (NASDAQ:MDCO) traded down 11.71% during mid-day trading on Thursday, reaching $34.00. The company had a trading volume of 6,002,511 shares. The Medicines has a one year low of $27.50 and a one year high of $43.00. The stock has a 50 day moving average price of $38.77 and a 200 day moving average price of $36.21. The company’s market capitalization is $2.37 billion.
The Medicines (NASDAQ:MDCO) last announced its earnings results on Wednesday, July 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.16) by $0.54. The business earned $54.70 million during the quarter, compared to analyst estimates of $41.93 million. The Medicines had a negative return on equity of 34.20% and a negative net margin of 90.33%. The Medicines’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period last year, the company earned ($0.65) EPS. On average, equities analysts expect that The Medicines will post ($1.36) earnings per share for the current fiscal year.
In other The Medicines news, CEO Clive Meanwell sold 8,623 shares of The Medicines stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $40.00, for a total transaction of $344,920.00. Following the completion of the transaction, the chief executive officer now owns 347,791 shares in the company, valued at approximately $13,911,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hiroaki Shigeta sold 3,849 shares of The Medicines stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $38.50, for a total value of $148,186.50. Following the transaction, the director now owns 23,547 shares of the company’s stock, valued at approximately $906,559.50. The disclosure for this sale can be found here. Company insiders own 7.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Bridger Management LLC bought a new position in The Medicines during the first quarter worth about $98,528,000. First Eagle Investment Management LLC acquired a new position in shares of The Medicines during the second quarter worth $18,668,000. Vanguard Group Inc. increased its position in shares of The Medicines by 3.9% in the second quarter. Vanguard Group Inc. now owns 5,423,391 shares of the company’s stock worth $182,388,000 after buying an additional 202,392 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of The Medicines by 10.9% in the first quarter. UBS Asset Management Americas Inc. now owns 2,053,184 shares of the company’s stock worth $65,230,000 after buying an additional 201,809 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of The Medicines during the second quarter worth $6,288,000.
The Medicines Company Profile
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).
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