Leerink Swann Increases Numbers on Medivation (MDVN) Based on AFFIRM Results and Physician Feedback
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Price: $81.44 --0%
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
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Leerink Swann maintains an 'Outperform' on Medivation (NASDAQ: MDVN) price target raised from $56 to $90.
Leerink analyst says, "Our valuation of $90 is based on a DCF valuation. Our analysis assumes full approval post-chemo sales with peak market share of 60% (previously 45%), maintaining 50% market share (previously 30%) following Zytiga patent expiry in 2016 in the US. The analysis also assumed a 75% probability of success (previously 65%) in the pre-chemo CRPC setting with the long-term MDV3100 market share of 70% in the US and Europe (previous 50% and 55%). We included in the cash flow projections probability-weighted, estimated milestone payments from Astellas for MDV3100. We used a discount rate of 11%, as our revenue estimates are already probability-weighted. We did not include a terminal value for MDV3100, but added MDVN's current cash. Based on the current profile of MDV3100, we did not believe these assumptions are aggressive."
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 $73.93 yesterday.
Leerink analyst says, "Our valuation of $90 is based on a DCF valuation. Our analysis assumes full approval post-chemo sales with peak market share of 60% (previously 45%), maintaining 50% market share (previously 30%) following Zytiga patent expiry in 2016 in the US. The analysis also assumed a 75% probability of success (previously 65%) in the pre-chemo CRPC setting with the long-term MDV3100 market share of 70% in the US and Europe (previous 50% and 55%). We included in the cash flow projections probability-weighted, estimated milestone payments from Astellas for MDV3100. We used a discount rate of 11%, as our revenue estimates are already probability-weighted. We did not include a terminal value for MDV3100, but added MDVN's current cash. Based on the current profile of MDV3100, we did not believe these assumptions are aggressive."
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 $73.93 yesterday.
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