Medicines convertible extends gains; Fortive, Proofpoint active ahead of U.S. holiday

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 after positive trial data of its inclisiran drug.

The primary market was quiet in the United States as the days dwindled before the long holiday weekend in observance of Labor Day.

The Medicines 2.75% convertibles due 2023 traded up to 111.375 and were last at 110 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. But the share price at the close was a smaller increase of 2.3% to $42.41, which was on top of a 4.2% rise on Tuesday and a 14% pop on Monday.

The Medicines 2.5% convertibles due 2022 traded at 134.349 later in the session Tuesday.

Fortive Corp. and Proofpoint Inc. were top-volume names of the day in what was considered a generally quiet day overall, according to a New York-based trader.

Fortive’s convertibles have been active in recent days. The stock traded up 61 cents in the early going to $69.64 on Wednesday.

Proofpoint, which has a new 0.25% convertible that was considered a very good deal for the convertibles market this month, was also seen in trade.

The Proofpoint convertible was expected to be the last deal done in the U.S. market until Labor Day, and so far, that has been the case.

Another name seen on the tape was Anthem Inc.’s 2.75% convertibles, the trader said. Anthem shares were up $2.51, or 1%, at $253.51.

Among mandatory convertible issues, Southern Co.’s 6.75% securities were still a top trader, and for perpetual preferred convertibles, Bunge Ltd.’s 4.875% convertibles were busy, the trader said.

Still, the market was quiet as “a lot of players are out as we head into the Labor Day weekend,” the trader said.

Mentioned in this article:

Anthem Inc. Nasdaq: ANTM

Bunge Ltd. NYSE: BG

Fortive Corp. NYSE: FTV

Medicines Co. Nasdaq: MDCO

Southern Co. NYSE: SO

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