Market Overview

UPDATE: Citigroup Initiates Coverage on The Medicines Company with Neutral Rating, $27 PT

Share:
Related MDCO
Earnings Scheduled For February 18, 2015
Catalysts To Watch For In RBC Capital's 2015 Top Small-Cap Biotechs

In a report published Friday, Citigroup initiated coverage on The Medicines Company (NASDAQ: MDCO) with a Neutral rating and $27.00 price target.

Citigroup noted, “We are cautious on the ability of MDCO's pipeline to replace the >90% of total revenues represented by Angiomax before the drug's 2019 loss of exclusivity. Based on our research and physician checks, we question whether the cumulative opportunities for Cleviprex, cangrelor, and oritavancin would be sufficient to offset the revenue gap, even assuming cangrelor and oritavancin are ultimately approved. In the interim, remaining patent litigation and pivotal readouts from Angiomax's competitors present risks to nearer-term cash flows. We are initiating with a Neutral/High Risk rating and $27 price target.”

The Medicines Company closed on Thursday at $23.07.

Latest Ratings for MDCO

DateFirmActionFromTo
Jan 2015CitigroupMaintainsNeutral
Jan 2015Leerink SwannUpgradesMarket PerformOutperform
Dec 2014JP MorganMaintainsOverweight

View More Analyst Ratings for MDCO
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Analyst Ratings

 

Related Articles (MDCO)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content