ALNY - Here's Why The Medicines Company Shares Jumped 13.8% Today
Shares of The Medicines Company (NASDAQ: MDCO) jumped 13.8% on Monday after the biotech announced that Orion-11, a clinical trial testing inclisiran in patients with high levels of LDL cholesterol, was successful.
Interestingly, shares of Alnylam Pharmaceuticals (NASDAQ: ALNY), which discovered the drug before licensing it to The Medicines Company, ended today up only 0.4%. Alnylam is entitled to milestone payments and royalties of up to 20% on sales of inclisiran.
The Medicines Company didn't actually release the data from the study; investors will have to wait until it's presented at the European Society of Cardiology's ESC Congress 2019 next Monday.