The biotech's stock rose to a 6-year intraday high of 33.71 a day after Medicines Co. (MDCO) released positive late-stage trial results for its anti-clotting drug Cangrelor. Patients who took Cangrelor had a 22% lower risk of heart attack, death and other serious complications compared with patients using the current standard treatment clopidogrel, sold under the brand name Plavix. The company plans to file for FDA approval in Q2. RBC Capital Markets raised its price target on the stock from 38 to 40 on the news. Shares closed up 1.7% to 32.24.
- Pharmaceuticals & Drug Trials