Brean Murray Reverses On Medivation (MDVN); Upgrades to Buy and Sees Another 100%+ Upside

Brean Murray Carret & Co. upgraded Medivation (NASDAQ: MDVN) from Sell to Buy and raises their price target from $6 to $77.

The firm comments, "Every argument we made for why MDV3100 should have failed only makes the drug appear stronger. We are therefore reversing our thesis on Medivation, despite the stock having more than doubled already today because for a monitoring committee to stop a trial early we believe that a thorough risk/reward analysis was conducted and thus our concern over safety issues cropping up in future detailed data disclosures is minimized."

Even with shares up 120 percent today, the firm's new price target suggests another 111 percent upside.

For more ratings news on Medivation click here and for the rating history of Medivation click here.

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