UPDATE: Credit Suisse Downgrades The Medicines Company to Neutral, Lowers PT Following Negative Cangrelor Panel

In a report published Thursday, Credit Suisse analyst Jason Kantor downgraded the rating on

from Outperform to Neutral, and lowered the price target from $45.00 to $35.00. In the report, Credit Suisse noted, “The 7 to 2 vote against approval of cangrelor was an unexpected setback relative to our bullish view, and potentially removes an important value driver. Our prior investment thesis was largely dependent on increased revenue diversification and commercial leverage, and cangrelor was a key near-term contributor to this thesis. This setback further increases MDCO's dependence on Angiomax revenue, and heightens the risk associated with ongoing generic Angiomax challenges and other near term regulatory/commercial catalysts. Following the outcome of the panel, we are downgrading MDCO to NEUTRAL from Outperform and decreasing our TP to $35 from $45.” The Medicines Company closed on Wednesday at $33.10.