The Medicines Co. (MDCO) Shares Up 3.5%
The Medicines Co. (NASDAQ:MDCO) shot up 3.5% during mid-day trading on Tuesday . The stock traded as high as $39.89 and last traded at $39.74, with a volume of 304,553 shares. The stock had previously closed at $38.38.
Several brokerages have issued reports on MDCO. Royal Bank Of Canada reaffirmed a “buy” rating on shares of The Medicines in a research note on Tuesday, July 12th. Citigroup Inc. reaffirmed a “hold” rating on shares of The Medicines in a research note on Tuesday, August 2nd. Cowen and Company reaffirmed a “buy” rating and set a $45.00 price target on shares of The Medicines in a research note on Friday, August 5th. Leerink Swann reaffirmed a “buy” rating on shares of The Medicines in a research note on Tuesday, July 19th. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of The Medicines in a research note on Tuesday, July 12th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $47.33.
The company’s 50-day moving average price is $38.27 and its 200-day moving average price is $35.62. The firm’s market capitalization is $2.78 billion.
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The Medicines (NASDAQ:MDCO) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.16) by $0.54. The Medicines had a negative return on equity of 34.20% and a negative net margin of 90.33%. The business earned $54.70 million during the quarter, compared to analyst estimates of $41.93 million. During the same quarter in the prior year, the business posted ($0.65) EPS. The Medicines’s revenue for the quarter was down 26.5% compared to the same quarter last year. On average, equities research analysts forecast that The Medicines Co. will post ($1.36) earnings per share for the current fiscal year.
In other The Medicines news, Director Hiroaki Shigeta sold 3,849 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $38.50, for a total value of $148,186.50. Following the completion of the sale, the director now owns 23,547 shares in the company, valued at approximately $906,559.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clive Meanwell sold 20,000 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $40.00, for a total value of $800,000.00. Following the completion of the sale, the chief executive officer now owns 358,790 shares of the company’s stock, valued at approximately $14,351,600. The disclosure for this sale can be found here. 7.90% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC acquired a new stake in shares of The Medicines during the second quarter worth about $100,000. BlackRock Inc. raised its position in shares of The Medicines by 28.3% in the first quarter. BlackRock Inc. now owns 4,554 shares of the company’s stock worth $145,000 after buying an additional 1,005 shares during the last quarter. Strs Ohio raised its position in shares of The Medicines by 22.4% in the second quarter. Strs Ohio now owns 6,000 shares of the company’s stock worth $201,000 after buying an additional 1,100 shares during the last quarter. HBK Investments L P purchased a new position in shares of The Medicines during the first quarter worth $210,000. Finally, Emerald Acquisition Ltd. purchased a new position in shares of The Medicines during the second quarter worth $258,000.
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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