Here's Why The Medicines Company Moved Higher Today
Shares of The Medicines Company (NASDAQ: MDCO) closed the trading day up 12.8% following the presentation of two phase 3 clinical trials testing cholesterol-lowering drug inclisiran at the American Heart Association's Scientific Sessions in Philadelphia. Shares of Alnylam Pharmaceuticals (NASDAQ: ALNY), which discovered the RNAi-based drug and will receive royalties on sales, were essentially flat for the day.
The Medicines Company had already announced that the Orion-9 and Orion-10 trials were successful, but the company held the data for the Philadelphia meeting.
In Orion-9, inclisiran reduced LDL cholesterol -- that's the bad kind -- by 50% relative to a placebo over the 18-month study. In days 90 through 540, the time-averaged placebo-adjusted reduction of LDL cholesterol was 45%.
Source Fool.com