Medicines Co. Price Target Boosted by Chardan to $85 From $80, Buy Rating Maintained

Medicines Co. (MDCO) received a price-target boost Tuesday from Chardan Capital Markets following the biopharmaceutical company’s Monday release with partner Alnylam Pharmaceuticals (ALNY) of an encouraging update on their phase 2 trial of inclisiran in hypercholesterolemia.

The new price target from Chardan is $85 per share, up from $80 and well above the stock’s Monday closing price of $37.72. Chardan kept its investment rating on the stock at buy.

In their Monday update, presented at the European Society of Cardiology Congress in Barcelona, Medicines Co. and Alnylam said the one-year efficacy data from their phase 2 study of inclisiran in hypercholesterolemia affirm the treatment’s “significant LDL-C lowering effects.” In addition, the companies also said no material safety issues were observed on inclisiran, which continued to demonstrate an adverse event profile similar to placebo.

Based on the data, Chardan said it updated its assumptions to now show $5.1 billion in 2030 inclisiran sales, of which $3.9 billion is effectively consolidated to Medicines Co. The firm also noted “detailed macro and micro considerations surrounding inclisiran that are underappreciated in the market, that, along with considerations in our ‘Investment Summary’…fuel our high-conviction buy rating on MDCO.”

The firm said its model updates through 2030 drove the increase in its price target on the stock to $85 from $80.