Praluent Injunction is Positive for The Medicines Company (MDCO) - Jefferies; PT to $49
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Jefferies analyst Biren Amin raised his price target on Buy-rated The Medicines Company (NASDAQ: MDCO) to $49.00 (from $43.00), saying theinjunction on Sanofi/REGN's Praluent could mean blue skies for inclisiran.
Amin commented, "The District Court of Delaware ruled in favor of AMGN on the permanent injunction against SAN.FP/REGN's Praluent, where we see low odds of reversal on appeal. This should have a favorable read-through to MDCO's inclisiran since it is completely unique to the monoclonal antibody approach and therefore would not infringe on AMGN's patents. As a result, we are raising our inclisiran peak sales estimates in our model to $2.4B in 2027, which raises our PT to $49."
Shares of The Medicines Company closed at $35.52 yesterday.
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