Iridian Asset Management LLC CT Sells 1,915,708 Shares of The Medicines Company (MDCO)
Iridian Asset Management LLC CT lowered its stake in shares of The Medicines Company (NASDAQ:MDCO) by 52.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,762,038 shares of the company’s stock after selling 1,915,708 shares during the period. Iridian Asset Management LLC CT owned about 2.43% of The Medicines worth $65,266,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC raised its stake in shares of The Medicines by 1.1% during the 2nd quarter. FMR LLC now owns 10,825,038 shares of the company’s stock valued at $411,460,000 after buying an additional 117,982 shares during the last quarter. State Street Corp raised its stake in shares of The Medicines by 9.0% during the 2nd quarter. State Street Corp now owns 2,220,199 shares of the company’s stock valued at $84,391,000 after buying an additional 183,086 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of The Medicines by 947.1% during the 2nd quarter. Westfield Capital Management Co. LP now owns 2,031,359 shares of the company’s stock valued at $77,212,000 after buying an additional 1,837,359 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of The Medicines by 24.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,765,169 shares of the company’s stock valued at $67,093,000 after buying an additional 343,160 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of The Medicines by 1.6% during the 2nd quarter. Alliancebernstein L.P. now owns 1,213,668 shares of the company’s stock valued at $46,132,000 after buying an additional 19,043 shares during the last quarter.
A number of equities analysts have weighed in on the company. Citigroup Inc. lifted their price objective on The Medicines from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, July 26th. Chardan Capital reiterated a “buy” rating and set a $85.00 price objective (up previously from $80.00) on shares of The Medicines in a research note on Tuesday, August 29th. Cowen and Company reiterated a “buy” rating and set a $54.00 price objective (down previously from $61.00) on shares of The Medicines in a research note on Thursday, August 10th. Zacks Investment Research lowered The Medicines from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 10th. Finally, Oppenheimer Holdings, Inc. set a $50.00 target price on The Medicines and gave the company a “hold” rating in a research report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The Medicines currently has an average rating of “Hold” and an average price target of $53.67.
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The Medicines Company (MDCO) traded up $0.41 during trading hours on Friday, hitting $31.43. The stock had a trading volume of 996,793 shares, compared to its average volume of 1,130,000. The Medicines Company has a 52-week low of $28.00 and a 52-week high of $55.95. The company has a debt-to-equity ratio of 3.42, a quick ratio of 1.79 and a current ratio of 2.31.
The Medicines (NASDAQ:MDCO) last posted its earnings results on Wednesday, October 25th. The company reported ($0.42) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.37) by $0.95. The Medicines had a negative return on equity of 61.58% and a negative net margin of 178.86%. The firm had revenue of $16.87 million for the quarter, compared to analysts’ expectations of $26.06 million. During the same period last year, the firm earned ($0.64) EPS. The company’s quarterly revenue was down 55.1% on a year-over-year basis. analysts expect that The Medicines Company will post -8.84 EPS for the current fiscal year.
The Medicines Profile
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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