B. Riley FBR analyst Mayank Mamtani raised his price target for The Medicines Co. (MDCO) to $95 from $74 and added the shares to FBR's Alpha Generator List. The analyst has "heightened conviction" in inclisiran taking a dominant market share in the anti-PCSK9 marketplace, particularly at the expense of Regeneron's (REGN) Praluent. Mamtani's penetration-share scenario analysis suggests worldwide peak sales of $4.1B to $8.0B. The analyst keeps a Buy rating on The Medicines Co. The stock is yet to still reflect last week's "strong" Phase III Orion program execution and evidence generation on safety, efficacy, and durability of effect to reaffirm inclisiran's differentiated clinical profile, Mamtani tells nivestors in a research note.
Amarin (AMRN) shares this week have declined 5% while The Medicines Co. (MDCO) stock is up 35%, Citi analyst Joel Beatty tells investors in a research note. This has brought The Medicines Co.'s enterprise value to $7.5B, exceeding Amarin's enterprise value of $7.4B, the analyst points out. However, he does not see anything fundamental having changed that would support this "drastic of a change in the relative valuation of the two companies." Thus, while Beatty keeps a Neutral rating on both stocks, he prefers owning Amarin over The Medicines Co. at this time. The Medicines Co. now looks expensive relative to Amarin, he contends. Further, the analyst says that Bloomberg's report this week of Novartis (NVS) having expressed interest in The Medicines Co. does not provide new evidence that the company is attractive from a valuation standpoint to potential acquirers.
The major averages had a mixed performance as the Dow was weighed down by a post-earnings slide in Home Depot (HD) but tech stocks' outperformance pushed the Nasdaq higher. In trade news,... To see the rest of the story go to thefly.com. See Story Here
The major averages were mixed in morning trading as the Dow was weighed down by a post-earnings slide in Home Depot (HD) but tech stocks' outperformance pushed the Nasdaq higher. The drag from... To see the rest of the story go to thefly.com. See Story Here
HIGHER: The Medicines Co. (MDCO), up 26% after Bloomberg reports the company is attracting takeover interest from companies including Novartis (NVS), which has been holding talks about a potential acquisition of the company... Viking Therapeutics (VKTX), up 7% after announcing he initiation of a Phase 2b clinical trial of VK2809, its novel liver-selective thyroid hormone receptor beta agonist, in patients with biopsy-confirmed non-alcoholic steatohepatitis... Okta (OKTA), up 2% after DA Davidson analyst Andrew Nowinski upgraded shares to Buy from Neutral and raised his price target on the shares to $135 from $131. UP AFTER EARNINGS: Medtronic (MDT), up 1%... TJX (TJX), up 1%... JinkoSolar (JKS), up 6%... Bilibilli (BILI), up 1%. DOWN AFTER EARNINGS: Kohl's (KSS), down 14%... Home Depot (HD), down 3%... Woodward (WWD), down 6%. ALSO LOWER: MSG Networks (MSGN), down 5% after Guggenheim analyst Michael Morris downgraded the stock to Sell from Neutral with an unchanged price target of $15. The analyst believes the company is in a "challenged" negotiating position as it approaches contract renewals covering 40% of its subscriber base given its current high affiliate rates and sustained low relative audience levels.
Baird analyst Madhu Kumar said he has utter conviction that The Medicine's Co. inclisiran can disrupt cholesterol therapy. The analyst cited its results from the ORION-9/10/11 trial which was released and supported his thesis. He said the remaining question is whether the company can find an acquirer or partner to help launch inclisiran. Kumar reiterated his Outperform rating and $100 price target on The Medicine's Co. shares.
Management discusses results of the ORION-9 and ORION-10 Phase 3 clinical studies, as presented at the American Heart Association's 2019 Scientific Sessions, on a conference call to be held on November 18 at 12 pm. Webcast Link