Medivation (MDVN) ASCO Data on Xtandi in Triple negative Breast Cancer 'Raise the Odds of Success', JMP Securities Says

JMP Securities analyst Michael King reiterated a Market Outperform rating and $143 price target on Medivation (NASDAQ: MDVN) following the Xtandi update at ASCO.

King commented, "Abstracts reported for Medivation Inc. provide insight into Xtandi development in the treatment of breast cancer; reaffirm Market Outperform rating and $143 price target derived through CAGR valuation methodologies. Recently released abstracts for the American Society of Clinical Oncology (ASCO 2015) Meeting to be held May 29-June 2 in Chicago highlight a number of important abstracts that describe clinical progress that MDVN is making in the evolution of breast cancer treatment as well as other important developments supporting the advancement of enzalutamide (Xtandi) in the treatment of prostate cancer. We believe the results of the Phase II trial of enzalutamide in the treatment of triple negative breast cancer (TNBC) are compelling and show clear benefit in both the evaluable and AR+ subgroup of this patient population. In our view, the data in the abstracts raise the odds of success for the development of enzalutamide in TNBC."

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 $122.65 yesterday.

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