B.Riley FBR Keeps a Buy Rating on Medicines Co (MDCO)

By Ryan Adsit

B.Riley FBR analyst Mayank Mamtani maintained a Buy rating on Medicines Co (MDCOResearch Report) today and set a price target of $61. The company’s shares closed yesterday at $36.52.

Mamtani commented:

“The Medicines Company (MDCO) remains the most innovative cardiovascular biotech pure play, in our view, working towards one of the most critical industry catalysts in 2H19 with inclisiran’s Ph. III ORION program reading out pivotal data from three separate studies (-9, 10 & 11) over the course of 3Q. In line with order of patient enrollment completion, ORION-11 study is anticipated to be presented as a late-breaker presentation at Cardiology (ECS) congress in Paris on 9/2 ( link) with detailed data from ORION-9/10 to emerge in 4-6 weeks thereafter, likely at AHA’19 from 11/16-11/19. We anticipate press releases with top-line results to potentially precede detailed data presentations at medical conferences, which could also represent source of stock upside.”

According to TipRanks.com, Mamtani is a 1-star analyst with an average return of -4.5% and a 35.7% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.

Medicines Co has an analyst consensus of Strong Buy, with a price target consensus of $68.67, representing an 88.0% upside. In a report issued on July 15, Oppenheimer also reiterated a Buy rating on the stock with a $48 price target.

See today’s analyst top recommended stocks >>

Based on Medicines Co’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $59.87 million. In comparison, last year the company had a GAAP net loss of $54.2 million.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDCO in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

The Medicines Co. is a biopharmaceutical company, which focuses on saving lives, alleviating suffering and contributing to the economics of healthcare by focusing on acute and intensive care hospitals worldwide. The firm markets its brands Angiomax, Cleviprex, injectable emulsion, Ionsys, Kengreal, Minocin for injection, and Orbactiv.