The Medicines Co. (MDCO) Sees Strong Trading Volume
Shares of The Medicines Co. (NASDAQ:MDCO) saw unusually-high trading volume on Friday . Approximately 1,735,764 shares were traded during mid-day trading, an increase of 35% from the previous session’s volume of 1,288,710 shares.The stock last traded at $34.90 and had previously closed at $34.39.
MDCO has been the topic of a number of recent research reports. Leerink Swann restated a “buy” rating and issued a $53.00 target price on shares of The Medicines in a report on Thursday, June 23rd. Chardan Capital lifted their price target on The Medicines from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, March 21st. Zacks Investment Research upgraded The Medicines from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Friday, March 18th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of The Medicines in a report on Thursday, March 31st. Finally, Jefferies Group reiterated a “buy” rating and set a $43.00 price target on shares of The Medicines in a report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $46.22.
The firm’s 50-day moving average is $35.82 and its 200 day moving average is $34.15. The company’s market capitalization is $2.42 billion.
The Medicines (NASDAQ:MDCO) last posted its quarterly earnings results on Monday, May 9th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.89) by $0.14. The company earned $50.30 million during the quarter, compared to the consensus estimate of $48.96 million. The firm’s revenue was down 54.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.08 EPS. On average, equities analysts anticipate that The Medicines Co. will post ($4.76) EPS for the current year.
In related news, Director William Crouse sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $35.15, for a total value of $527,250.00. Following the sale, the director now owns 53,970 shares in the company, valued at approximately $1,897,045.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clive Meanwell sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $35.00, for a total value of $350,000.00. Following the completion of the sale, the chief executive officer now owns 348,790 shares in the company, valued at approximately $12,207,650. The disclosure for this sale can be found here.
A number of institutional investors have added to or reduced their stakes in MDCO. Marshall Wace LLP acquired a new position in The Medicines during the fourth quarter valued at about $4,677,000. Dimensional Fund Advisors LP boosted its position in The Medicines by 5.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,895,993 shares of the company’s stock valued at $70,796,000 after buying an additional 105,865 shares during the period. Bank of Montreal Can boosted its position in The Medicines by 29.4% in the fourth quarter. Bank of Montreal Can now owns 297,492 shares of the company’s stock valued at $11,108,000 after buying an additional 67,616 shares during the period. First Trust Advisors LP acquired a new position in The Medicines during the fourth quarter valued at about $1,715,000. Finally, Principal Financial Group Inc. boosted its position in The Medicines by 8.5% in the fourth quarter. Principal Financial Group Inc. now owns 468,857 shares of the company’s stock valued at $17,507,000 after buying an additional 36,761 shares during the period.
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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