The Medicines Co. (MDCO) Sees Large Volume Increase
Shares of The Medicines Co. (NASDAQ:MDCO) saw an uptick in trading volume on Friday . 1,735,764 shares traded hands 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.
A number of brokerages have recently weighed in on MDCO. Chardan Capital reiterated a “buy” rating on shares of The Medicines in a report on Thursday, June 2nd. Jefferies Group reiterated a “buy” rating and issued a $43.00 price target on shares of The Medicines in a report on Wednesday, June 15th. Cowen and Company began coverage on The Medicines in a report on Thursday, May 5th. They issued an “outperform” rating and a $45.00 price target for the company. Leerink Swann reiterated a “buy” rating and issued a $53.00 price target on shares of The Medicines in a report on Friday, April 8th. Finally, Zacks Investment Research downgraded The Medicines from a “hold” rating to a “sell” rating in a report on Friday, May 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $46.22.
The firm’s market capitalization is $2.42 billion. The stock has a 50-day moving average of $35.82 and a 200-day moving average of $34.15.
The Medicines (NASDAQ:MDCO) last announced its 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 analysts’ expectations of $48.96 million. During the same period last year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was down 54.3% compared to the same quarter last year. Equities analysts expect that The Medicines Co. will post ($4.76) EPS for the current year.
In related news, CEO Clive Meanwell sold 10,000 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $35.00, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Fredric N. Eshelman bought 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The shares were acquired at an average price of $33.68 per share, with a total value of $10,104,000.00. Following the purchase, the director now owns 300,000 shares in the company, valued at $10,104,000. The disclosure for this purchase can be found here.
Other hedge funds have recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of The Medicines by 20.1% in the fourth quarter. US Bancorp DE now owns 28,684 shares of the company’s stock worth $1,071,000 after buying an additional 4,794 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in shares of The Medicines by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 45,349 shares of the company’s stock worth $1,693,000 after buying an additional 270 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of The Medicines during the fourth quarter worth approximately $1,715,000. ProShare Advisors LLC increased its stake in shares of The Medicines by 14.9% in the fourth quarter. ProShare Advisors LLC now owns 67,210 shares of the company’s stock worth $2,510,000 after buying an additional 8,717 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of The Medicines by 13.2% in the fourth quarter. New York State Common Retirement Fund now owns 70,394 shares of the company’s stock worth $2,629,000 after buying an additional 8,194 shares in the last quarter.
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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