UPDATE: JP Morgan Upgrades The Medicines Company to Overweight on Pipeline Outlook

JP Morgan raised its rating on The Medicines Company

from Neutral to Overweight and increased its price target from $28 to $32. JP Morgan noted, "This morning the company reported earlier-than-expected positive top-line Phase 3 results from oritavancin's SOLO-1 trial (in acute skin infections), but the crux of our call is on MDCO's overall risk/reward at current levels. Indeed, we believe the company's Angiomax franchise plus the balance sheet is worth nearly $20/sh alone, thus providing a solid value foundation. Then there's upside optionality from the remaining commercial portfolio and pipeline, including Recothrom, Cleviprex, cangrelor, oritavancin and IONSYS. We believe the scarcity of the company's acute-care-hospital–based infrastructure is also a key component to the story." The Medicines Company closed at $22.29 on Wednesday.