Oppenheimer Comments on Medicines' (MDCO) Cangrelor Trial

Yesterday The Medicines Company (NASDAQ: MDCO) announced positive top-line results for its pivotal Phase 3 clinical trial of cangrelor, which is in development to prevent platelet activation and aggregation that leads to thrombosis in the acute care setting, including in patients undergoing percutaneous coronary intervention (PCI). Importantly, Oppenheimer analysts point out that Cangrelor demonstrated statistically significant improvement vs. clopidogrel as evaluated by the primary endpoint.

Commenting on the news, analyst Christopher Holterhoff said, "We believe MDCO will file for US and EU approval during 2013 with approval by YE2014. While Cangrelor is an anti-platelet agent, which can be used in the PCI setting, we do not expect cannibalization of Angiomax revenues as both drugs are designed to be used concomitantly."

Holterhoff attributes a $2/share valuation for Cangrelor, assuming only 40% probability of approval, with potential upside owing to positive Phase 3 data and increased probability of approval.

Oppenheimer has an Outperform rating on The Medicines Company (NASDAQ: MDCO) with a price target of $35.00.

For an analyst ratings summary and ratings history on The Medicines Company click here. For more ratings news on The Medicines Company click here.

Shares of The Medicines Company closed at $28.83 yesterday.

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