Medicines Co. (MDCO) - Get Medicines Company Report was rising sharply Wednesday after the company was the subject of a couple of bullish analyst notes following positive top-line results from the phase 3 study of one of its drug candidates.
Inclisiran is showing positive results in the study of its efficacy in treating patients with cardiovascular disease, leading Chardan Capital's Gbola Amusa to write that the chance for inclisiran to become a potential blockbuster treatment in the U.S. was increasing.
Amusa held a $100 price target on the stock.
Baird's Madhu Kumar saw the update as positive for the drug candidate as a mass market treatment. The drug is expected to be featured prominently at the American Heart Association Scientific Sessions in November.
"We believe these results should put to rest remnant bear concerns for inclisiran and are thus MDCO buyers ahead of these presentations," Kumar wrote.
Baird has an outperform rating and $100 price target on the stock.
Medicines Co. was rising 9.19% to $51.49 on Wednesday.