Zacks Investment Research upgraded shares of The Medicines Company (MDCO) from NEUTRAL to OUTPERFORM on August 17, 2012, with a target price of $30.00.
The Medicines Co. reported second quarter EPS of $0.38, well above the year-ago EPS of $0.18. Higher revenues boosted earnings. We expect Angiomax to continue performing well. The resolution of the Angiomax patent extension case was a major boost for the company. The company's settlement agreements with Teva and APP regarding Angiomax are also positive events. We are also pleased to see the company's progress with its pipeline – the company has an eventful second half coming up on the pipeline front. Moreover, we are pleased to see that management is actively pursuing in-licensing deals and acquisitions to drive growth. The AstraZeneca deal is a smart move by the company. We are also pleased with the signing of the GAIN Act, which should ensure an additional five years of exclusivity for oritavancin. Based on all these factors, we are upgrading The Medicines Co. to Outperform.
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