Brean Capital Remains Bullish Following Medivation (MDVN) Phase 2 Data Release

Brean Capital maintains a Buy rating and $142.00 price target on Medivation (NASDAQ: MDVN) following the release of data with xtandi in 188 advanced AR+ TNBC. In the 75 evaluable patients, CBR16 was achieved in 35% of patients. In the ITT population, CBR16 was achieved in 25% of patients.

Analyst Jonathan Aschoff commented, "Medivation released Phase 2 data with Xtandi in 118 advanced AR+ TNBC that, as previously announced, met its primary endpoint. The trial enrolled 118 women in two stages, with the primary endpoint being CBR16. Two patient populations were evaluated in the trial, the “evaluable” patient population (n=75) had at least 10% of primary tumor cells AR+ and had at least 1 follow up tumor assessment, whereas the ITT population simply received at least 1 Xtandi dose and could have had any amount of tumor AR+ (n=118). In the 75 evaluable patients, CBR16 was achieved in 35% of patents and in the ITT population, CBR16 was achieved in 25% of patients. The trial allowed for development of a diagnostic genomic assay to identify Xtandisensitive patients. About half of the ITT population were Dx+ and 39% with diagnostic AR+ TNBC achieved CBR16 and 36% achieved CBR24, whereas 11% of patients with diagnostic AR- TNBC achieved CBR16 and only 6% achieved CBR24, and median PFS was 16.1 weeks compared with 8.1 weeks respectively. Xtandi use earlier in diagnostic AR+ TNBC patients had far better median PFS than in diagnostic AR- patients (40.4 vs 8.9 weeks; p=0.0042). Median ITT OS in diagnostic AR+ TNBC treated with Xtandi had not yet been reached versus 32.1 weeks in diagnostic ARTNBC. The TNBC data are clearly encouraging, but we look forward to further clinical success before incorporating breast cancer revenue into our model, especially given the big pharma competition in this indication."

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Shares of Medivation closed at $128.33 yesterday.

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