UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on The Medicines Company on Higher Cangrelor Expectations

In a report published Monday, Bank of America reiterated its Neutral rating on The Medicines Company

, and raised its price target from $33.00 to $35.00. Bank of America noted, “On Sunday at a late breaker session at the American College of Cardiology's annual meeting, MDCO presented the full results from its phase 3 PHOENIX trial for cangrelor, in patients undergoing PCI. Compared to standard of care clopidogrel (Plavix) cangrelor showed superiority on both the primary endpoint (MACE at 48 hours) and the secondary endpoint (stent thrombosis at 48 hours). There was no statistical difference between the two drugs in bleeding events and other key safety parameters (see Tables 1&2). We increased our probability of approval for cangrelor and increased our peak penetration in the PCI market to 33% (from 20%), which raises our DCF-derived PO to $35 (from $33).” The Medicines Company closed on Friday at $31.70.