UPDATE: Piper Jaffray Initiates The Medicines Company at Overweight on Diverse Medical Portfolio

In a report published on Wednesday, Piper Jaffray analyst David Amsellem initiated coverage on The Medicines Company (NASDAQ: MDCO) with a rating of Overweight and a price target of $47.00.

In the report, Piper Jaffray stated, "We believe MDCO is on the cusp of significant diversification of its hospital product portfolio that in our view will bolster already strong cash generation over the next few years. Importantly, with commercialization looming for at least three late-stage pipeline assets, we now have strong visibility on longer-term cash flows well beyond 2019, when current primary top-line driver Angiomax will in all likelihood begin to see generic competition."

The Medicines Company closed on Tuesday at $32.99.