The Medicines Co. (MDCO) Price Target Increased to $52.00 by Analysts at Royal Bank Of Canada
The Medicines Co. (NASDAQ:MDCO) had its price target lifted by Royal Bank Of Canada from $45.00 to $52.00 in a report released on Wednesday. Royal Bank Of Canada currently has an outperform rating on the stock.
Several other brokerages have also recently weighed in on MDCO. Jefferies Group restated a buy rating and set a $43.00 target price on shares of The Medicines in a report on Friday, October 7th. Guggenheim reiterated a buy rating and issued a $55.00 price objective on shares of The Medicines in a report on Monday, August 15th. RBC Capital Markets reiterated an outperform rating and issued a $45.00 price objective (down previously from $48.00) on shares of The Medicines in a report on Tuesday, November 8th. JPMorgan Chase & Co. reiterated a buy rating on shares of The Medicines in a report on Thursday, October 6th. Finally, Zacks Investment Research upgraded The Medicines from a sell rating to a hold rating in a report on Tuesday, October 25th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $49.78.
Shares of The Medicines (NASDAQ:MDCO) traded down 2.75% during trading on Wednesday, hitting $37.18. The stock had a trading volume of 834,217 shares. The Medicines has a 52 week low of $27.50 and a 52 week high of $43.00. The company’s market capitalization is $2632.12 billion. The firm has a 50-day moving average price of $35.77 and a 200 day moving average price of $36.59.
The Medicines (NASDAQ:MDCO) last announced its earnings results on Wednesday, October 26th. The company reported ($0.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.30) by $0.66. The Medicines had a negative return on equity of 35.07% and a negative net margin of 96.44%. The business had revenue of $37.60 million for the quarter, compared to analyst estimates of $37.26 million. During the same period in the prior year, the company earned ($0.82) EPS. The company’s quarterly revenue was down 34.3% compared to the same quarter last year. Equities analysts anticipate that The Medicines will post ($1.34) earnings per share for the current year.
In other The Medicines news, CEO Clive Meanwell sold 8,623 shares of The Medicines stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $40.00, for a total value of $344,920.00. Following the completion of the sale, the chief executive officer now owns 347,791 shares of the company’s stock, valued at approximately $13,911,640. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 7.90% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in 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 period. Bridger Management LLC purchased a new position in The Medicines during the first quarter worth about $98,528,000. BlackRock Institutional Trust Company N.A. increased its position in The Medicines by 1.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,700,734 shares of the company’s stock worth $64,186,000 after buying an additional 19,108 shares during the period. First Eagle Investment Management LLC increased its position in The Medicines by 83.9% in the third quarter. First Eagle Investment Management LLC now owns 1,020,629 shares of the company’s stock worth $38,519,000 after buying an additional 465,530 shares during the period. Finally, Macquarie Group Ltd. increased its position in The Medicines by 27.6% in the second quarter. Macquarie Group Ltd. now owns 532,035 shares of the company’s stock worth $17,892,000 after buying an additional 115,218 shares during the period.
About The Medicines
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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