The Medicines Company (MDCO) PT Trimmed to $50 at Leerink After Removing MDCO-216
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Leerink Partners analyst Joseph Schwartz reiterated an Outperform rating but trimmed his price target on The Medicines Company (NASDAQ: MDCO) to $50.00 (from $53.00) after removing MDCO-216 from their model after the company announced the immediate discontinuation of its MDCO-216 (APoA-1 Milano) clinical development program for this investigational cholesterol efflux promoter.
Schwartz commented, "The MILANO-PILOT trial reportedly did not show efficacy on intracoronary atherosclerotic plaque, although the drug did maintain its strong safety profile. Many investors had low confidence in this program's probability of success and worried about future development costs, so there is some silver lining to this negative news in regard to near-term development cost savings that can be reallocated to other pipeline programs. Reiterate Outperform, and we are reducing our price target to $50 (from $53) by removing MDCO-216 from our model."
Shares of The Medicines Company closed at $32.52 yesterday.
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