Goldman Sachs Downgrades Medivation (MDVN) to Neutral
Get Alerts MDVN Hot Sheet
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Goldman Sachs downgraded Medivation (NASDAQ: MDVN) from Buy to Neutral with a price target of $110.00 (unchanged). The downgrade is tied to valuation.
Analyst Navdeep Singh said, "We are downgrading MDVN to Neutral from Buy as we believe the current stock price fairly values prostate and breast cancer opportunities for Xtandi. Although early signals of Xtandi’s launch in pre-chemo prostate cancer are strong, focus has shifted to phase 2 data of Xtandi in androgen receptor positive (AR+) triple negative breast cancer (TNBC) in Q4. Post our research of Xtandi’s potential in breast cancer, we are increasing our Xtandi peak sales estimate by $1.5bn to $8bn (from $6.5bn, all prostate cancer). Despite this increase, our new 12-month price target is $110, which only yields 12% upside. Since adding MDVN to the Buy list on May 6, 2013, the stock is +85% vs. the NBI +55%."
For an analyst ratings summary and ratings history on Medivation click here. For more ratings news on Medivation click here.
Shares of Medivation closed at $98.59 yesterday.
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