Morning Commentary: Medicines 2.75% convertibles gain; Fortive, Proofpoint notes active

By Rebecca Melvin

New York, Aug. 28 – Medicines Co.’s convertibles continued to trade on Wednesday as shares of the Parsippany, N.J.-based biopharmaceutical company extended gains for a third straight day on positive trial data of its inclisiran drug.

The primary market was quiet with only a few more sessions before the long holiday weekend for Labor Day.

The Medicines 2.75% convertibles due 2023 traded up to 110.5 on Wednesday, which was up from prints with a 109 handle on Tuesday. Shares of the company rose another $1.59, or 3.6%, in the early going to $42.98. The increase was on top of a 4.2% rise in shares on Tuesday and a 14% pop on Monday.

The Medicines 2.5% convertibles due 2022 were not seen in trade early Wednesday. They traded at 132.2 late on Tuesday.

In addition, Fortive Corp. and Proofpoint Inc. were trading in what was considered a generally quiet day overall, according to a market source.

Fortive has been active in recent days. The stock traded up just 23 cents in the early going to $69.27.

Proofpoint, which priced a successful 0.25% convertible this month, was also seen in trade.

The proofpoint convertible was expected to be the last deal seen until Labor Day, and so far, that has been the case.

Another name seen on the tape was Anthem Inc. Anthem shares were at $254.54 around midday, which was up $3.24, or 1.3%, on the day.

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