First Eagle Investment Management LLC Has $29.99 Million Stake in The Medicines Company (MDCO)
First Eagle Investment Management LLC lowered its stake in The Medicines Company (NASDAQ:MDCO) by 20.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 789,014 shares of the company’s stock after selling 201,885 shares during the period. First Eagle Investment Management LLC owned about 1.11% of The Medicines worth $29,990,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aviva Holdings Ltd. purchased a new position in The Medicines during the first quarter valued at approximately $187,477,000. Iridian Asset Management LLC CT boosted its position in The Medicines by 218.7% in the first quarter. Iridian Asset Management LLC CT now owns 3,022,681 shares of the company’s stock valued at $147,809,000 after buying an additional 2,074,261 shares during the period. Blue Ridge Capital L.L.C. purchased a new position in The Medicines during the first quarter valued at approximately $53,790,000. Frontier Capital Management Co. LLC boosted its position in The Medicines by 139.9% in the first quarter. Frontier Capital Management Co. LLC now owns 604,020 shares of the company’s stock valued at $29,537,000 after buying an additional 352,230 shares during the period. Finally, Vanguard Group Inc. boosted its position in The Medicines by 5.4% in the first quarter. Vanguard Group Inc. now owns 6,090,730 shares of the company’s stock valued at $297,837,000 after buying an additional 313,876 shares during the period.
Shares of The Medicines Company (NASDAQ MDCO) opened at 35.50 on Monday. The Medicines Company has a 52-week low of $30.80 and a 52-week high of $55.95. The company has a 50-day moving average of $37.68 and a 200 day moving average of $44.54. The stock’s market cap is $2.55 billion.
The Medicines (NASDAQ:MDCO) last issued its quarterly earnings results on Wednesday, August 9th. The company reported ($5.52) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.29) by $4.23. The company had revenue of $18.74 million during the quarter, compared to analysts’ expectations of $29.64 million. The Medicines had a negative return on equity of 137.20% and a negative net margin of 670.46%. The company’s revenue for the quarter was down 65.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.62) EPS. Equities research analysts forecast that The Medicines Company will post ($9.57) EPS for the current fiscal year.
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MDCO has been the subject of several research analyst reports. ValuEngine cut shares of The Medicines from a “sell” rating to a “strong sell” rating in a report on Saturday, May 20th. Oppenheimer Holdings, Inc. initiated coverage on shares of The Medicines in a report on Monday, May 22nd. They issued a “market perform” rating and a $50.00 target price for the company. CIBC set a $50.00 target price on shares of The Medicines in a report on Tuesday, May 23rd. Citigroup Inc. lowered their target price on shares of The Medicines from $59.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, July 17th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $62.00 target price on shares of The Medicines in a report on Wednesday, June 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $52.00.
About The Medicines
The Medicines Company is a global biopharmaceutical company. The Company is focused on advancing the treatment of acute and intensive care patients through the delivery of medicines to the hospital marketplace around the world. It markets Angiomax (bivalirudin), Ionsys (fentanyl iontophoretic transdermal system), Minocin (minocycline) for injection and Orbactiv (oritavancin).
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