UPDATE: Jefferies Upgrades The Medicines Company to Buy on Attractive Risk/Reward
Jefferies raised its rating on The Medicines Company (NASDAQ: MDCO) from Hold to Buy and increased its price target from $24 to $34.
Jefferies commented, "We are upgrading MDCO to Buy from Hold with a new $34 PT on attractive reward/risk ahead of the cangrelor PHOENIX topline data ~early 2013. With cangrelor potentially under-appreciated given PHOENIX's complexity and previous PIII failures, we conducted a proprietary analysis to support 70% odds of success. Our DCF analysis supports a ~$10 upside on trial success, outweighing a $2-$3 downside driven by negative sentiment on failure."
The Medicines Company closed at $23.98 on Monday.
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