Medivation's (MDVN) Xtandi Could See Strong Upside Following PREVAIL - Analyst
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Price: $48.86 -1.91%
Rating Summary:
18 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
18 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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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, with a 52 week range of $43.16-$113.00.
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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, with a 52 week range of $43.16-$113.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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