UPDATE: Canaccord Genuity Starts Medivation (MDVN) at Hold

(Updated - April 16, 2014 9:44 AM EDT)

Canaccord Genuity initiated coverage on Medivation (NASDAQ: MDVN) with a Hold rating and a price target of $60.00.

Analyst John Newman said, "We are initiating coverage on Medivation with a HOLD rating and $60 price target. We see 3Q14 approval for Xtandi in the pre-chemotherapy setting causing a urologist-driven inflection in growth."

"We estimate $2.9B in US peak sales for Xtandi by 2023. We see Xtandi use in earlier lines of prostate cancer treatment, driven by positive data and Urologist use, providing long-term growth. We model ~45,000 chemo-naïve, castration-resistant patients, 37% Xtandi market share, and ~$160,000 treatment costs in 2023 driving $2.7B in revenues, plus, ~2,200 chemo-refractory patients driving additional revenue of ~$200M."

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 $58.10 yesterday.

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