Medivation (MDVN) PT Lifted to $53 at BMO Capital
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BMO Capital analyst Do Kim raised estimates and its price target on Medivation (NASDAQ: MDVN) to $53.00 but maintained a Market Perform rating.
Kim commented, :We are incrementally more positive on MDVN following 2Q16 earnings, as underlying Xtandi trends improve, particularly treatment duration as the drug gains first novel hormone therapy (NHT) share over Zytiga. We are increasing our Xtandi sales projections, with updated duration assumptions. While our target price increases to $53, it remains below market as we believe shares reflect an acquisition premium above our DCF valuation. We continue to look towards the Xtandi label update (Oct 22, 2016 PDUFA) as a catalyst to reaccelerate adoption, moving Xtandi upstream to Casodex-eligible patients, and an opportunity for us to become more positive on the shares. Additional upside to our Market Perform rating includes pending talazoparib data (4Q16), which contributed to significant revaluation of talazoparib’s contingent consideration. We believe talazoparib could be the primary disconnect with bidders if the acquisition fails, as MDVN continues to emphasize a large opportunity for the PARP inhibitor,:
Shares of Medivation closed at $63.45 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Raising Prices, Earnings, Definitive Agreement, PDUFA
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