Bank of America restated their buy rating on shares of The Medicines (NASDAQ:MDCO) in a research report report published on Tuesday morning, Briefing.com Automated Import reports. They currently have a $43.00 target price on the stock, up from their prior target price of $36.00.
A number of other research firms also recently weighed in on MDCO. Roth Capital set a $14.00 target price on shares of Enphase Energy and gave the stock a buy rating in a report on Thursday, March 21st. B. Riley set a $61.00 target price on shares of The Medicines and gave the stock a buy rating in a report on Tuesday, May 28th. Chardan Capital restated a buy rating and issued a $90.00 target price (up from $85.00) on shares of The Medicines in a report on Friday, April 26th. BidaskClub downgraded shares of Zagg from a hold rating to a sell rating in a report on Friday, March 15th. Finally, Robert W. Baird set a $129.00 target price on shares of Deere & Company and gave the stock a hold rating in a report on Monday, May 20th. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $61.70.
The Medicines stock opened at $38.44 on Tuesday. The business has a 50-day simple moving average of $36.05. The Medicines has a twelve month low of $16.69 and a twelve month high of $41.57. The company has a market cap of $2.80 billion, a P/E ratio of -13.21 and a beta of 1.08.
In other news, Director Alexander J. Denner purchased 160,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $34.50 per share, for a total transaction of $5,520,000.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alexander J. Denner purchased 50,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average price of $33.00 per share, for a total transaction of $1,650,000.00. Following the completion of the acquisition, the director now directly owns 14,092 shares in the company, valued at approximately $465,036. The disclosure for this purchase can be found here. Insiders have purchased a total of 726,000 shares of company stock worth $24,737,140 over the last quarter. 10.29% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of MDCO. Westfield Capital Management Co. LP grew its holdings in The Medicines by 14.9% during the 1st quarter. Westfield Capital Management Co. LP now owns 5,290,481 shares of the company’s stock valued at $147,869,000 after purchasing an additional 685,762 shares during the last quarter. Iridian Asset Management LLC CT boosted its position in The Medicines by 15.8% in the 1st quarter. Iridian Asset Management LLC CT now owns 3,817,544 shares of the company’s stock valued at $106,700,000 after buying an additional 520,728 shares during the period. Norges Bank purchased a new stake in The Medicines in the 4th quarter valued at about $7,529,000. Coronation Fund Managers Ltd. purchased a new stake in The Medicines in the 1st quarter valued at about $4,251,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in The Medicines by 129.8% in the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 224,300 shares of the company’s stock valued at $4,293,000 after buying an additional 126,700 shares during the period.
The Medicines Company Profile
The Medicines Company, a biopharmaceutical company, focuses on developing therapeutics for the treatment of therosclerotic cardiovascular disease. The company is developing Inclisiran, an investigational RNA interference therapeutic that inhibits production of proprotein convertase subtilisin/kexin type 9, which controls LDL-cholesterol levels.
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