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Wedbush Reiterates an 'Outperform' on Medivation (MDVN); Raising PT on Early Approval

September 4, 2012 1:55 PM EDT Send to a Friend
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Price: $97.96 --0%

Rating Summary:
    21 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 8 | New: 41
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Wedbush reiterates an 'Outperform' on Medivation (NASDAQ: MDVN) price target of $118.00 (from $100.00).

Analyst, David M. Nierengarten, said, "MDVN and partner Astellas will launch in mid-September, and priced Xtandi at $7450/month, a premium to our estimated $6500/month, and higher than Zytiga (NYSE: JNJ). While a premium to Zytiga was expected, pricing came in a bit higher than we had estimated."

"We estimate the following in US sales of Xtandi: $18.9M, $43.6M, $55.4M, and $98.9M (per quarter in the first year of launch). While we expect that ultimately Xtandi will surpass Zytiga in sales and the pre-chemotherapy data for Xtandi (H1:14) will make it the market leader, initial uptake will likely lag Zytiga’s launch because oncologists are reluctant to switch patients to new therapies unless the patient progresses."

FY12 EPS estimate lowered from (2.11) to (2.20) and FY13 raised from (2.66) to (2.57)

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 $104.86 yesterday.




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Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

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