Medivation's (MDVN) Xtandi Could See Strong Upside Following PREVAIL - Analyst
Get Alerts MDVN Hot Sheet
Price: $81.44 --0%
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
Join SI Premium – FREE
Medivation (Nasdaq: MDVN) shares are higher on the session amid positive comments out of Jefferies earlier.
The firm, which rates Medivation at Buy with a price target of $62 -- said recent data from its second CRPC survey points to good things for Xtandi. Jefferies commented that oncologists used Xtandi in 6 percent of pre-chemo patients and 12 percent of post-chemo patients, versus Jefferies' expectations of no usage in pre and 3 percent in post.
Jefferies also noted, "For 2013, our respondents expect to prescribe Xtandi in 20% of pre-chemo and 33% of post-chemo, v. our ests of 1% (~$31M in sales) and 14% (~$239M), respectively, and w/ a 50% discount (our survey std) to survey data suggests our model assumptions may be conservative, especially in prechemo. Importantly, nearly half (~43%) of Xtandi post-chemo market share gains in '13 (v. '12) come from Zytiga."
On the PREVAIL outcome, Jefferies said, "if a ~9-mo benefit was observed, ~40% of our respondents would consider prescribing Xtandi over Zytiga. If a 10-11 mo benefit is observed, ~65% would consider it. When asked to assume a ~12-mo benefit, the respondents’ 2014 expectations for Xtandi use was ~41% share in pre-chemo (v. JEF est of 2%) and implying potential upside."
Shares of Medivation are up about 3 percent Monday.
NOTE: Earlier, Jefferies commented on Dendreon's (Nasdaq: DNDN) Provenge. Click here for more color.
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 $52.15 yesterday.
The firm, which rates Medivation at Buy with a price target of $62 -- said recent data from its second CRPC survey points to good things for Xtandi. Jefferies commented that oncologists used Xtandi in 6 percent of pre-chemo patients and 12 percent of post-chemo patients, versus Jefferies' expectations of no usage in pre and 3 percent in post.
Jefferies also noted, "For 2013, our respondents expect to prescribe Xtandi in 20% of pre-chemo and 33% of post-chemo, v. our ests of 1% (~$31M in sales) and 14% (~$239M), respectively, and w/ a 50% discount (our survey std) to survey data suggests our model assumptions may be conservative, especially in prechemo. Importantly, nearly half (~43%) of Xtandi post-chemo market share gains in '13 (v. '12) come from Zytiga."
On the PREVAIL outcome, Jefferies said, "if a ~9-mo benefit was observed, ~40% of our respondents would consider prescribing Xtandi over Zytiga. If a 10-11 mo benefit is observed, ~65% would consider it. When asked to assume a ~12-mo benefit, the respondents’ 2014 expectations for Xtandi use was ~41% share in pre-chemo (v. JEF est of 2%) and implying potential upside."
Shares of Medivation are up about 3 percent Monday.
NOTE: Earlier, Jefferies commented on Dendreon's (Nasdaq: DNDN) Provenge. Click here for more color.
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 $52.15 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- China Resources Beer Holdings Co Ltd. (291:HK) (CRHKY) PT Raised to HK$44.67 at Jefferies
- Jefferies Upgrades Systemair AB (SYSR:SS) to Buy
- Silvercrest Asset Management (SAMG) PT Lowered to $20 at Singular Research
Create E-mail Alert Related Categories
Analyst Comments, FDARelated Entities
Jefferies & CoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!