Medivation Upgraded by Zacks (MDVN) - InvestingChannel

Medivation Upgraded by Zacks (MDVN)

Zacks? analyst wrote, ?Medivation received a major boost in late Aug 2012 when the FDA approved its prostate cancer treatment, Xtandi, several months ahead of the target date. Xtandi, which was launched in the US in Sep 2012, could very well be a game-changer for Medivation. The prostate cancer market represents huge commercial potential and Xtandi is already off to a strong start. Medivation has consistently presented impressive data on Xtandi. Based on the data we have seen so far, we believe the product has blockbuster potential. Xtandi is currently in several studies including studies for the pre-chemo setting. Expansion into the pre-chemo setting would be a major positive for the stock. We are upgrading Medivation to Outperform as we expect the strong Xtandi ramp to continue.? Medivation traded up 2.75% on Monday, hitting $54.94. Medivation has a 1-year low of $24.955 and a 1-year high of $58.83. The stock?s 50-day moving average is currently $53.43. The company?s market cap is $4.082 billion.

Medivation last released its earnings data on Friday, November 9th. The company reported ($0.06) earnings per share for the quarter, missing the analysts? consensus estimate of ($0.03) by $0.03. The company had revenue of $64.80 million for the quarter, compared to the consensus estimate of $52.11 million. During the same quarter in 2012, the company posted ($0.29) earnings per share. Medivation?s revenue was up 333.7% compared to the same quarter last year. Analysts expect that Medivation will post $-0.66 EPS for the current fiscal year.

A number of other firms have also recently commented on MDVN. Analysts at Janney Capital initiated coverage on shares of Medivation in a research note to investors on Thursday, January 3rd. They set a ?buy? rating and a $69.00 price target on the stock. Separately, analysts at Janney Montgomery Scott initiated coverage on shares of Medivation in a research note to investors on Wednesday, January 2nd. They set a ?buy? rating on the stock. Finally, analysts at Aegis reiterated a ?buy? rating on shares of Medivation in a research note to investors on Wednesday, December 26th. They now have a $100.00 price target on the stock. Twelve research analysts have rated the stock with a buy rating, one has assigned an overweight rating, and three have given a hold rating to the stock. The company currently has an average rating of ?buy? and an average target price of $68.00.

Medivation, Inc. is a biopharmaceutical company focused on the rapid development of small molecule drugs to treat serious diseases for which there are limited treatment options. To view Zacks? full report, visit www.zacks.com

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