Medivation (MDVN) PT Lifted to $89 at Jefferies Amid Xtandi Approval

Jefferies bumped its price target on Hold-rated Medivation (NASDAQ: MDVN) to $89.00 (from $80.00) FDA approved Xtandi for pre-chemo CRPC ahead of its PDUFA date on Sep 18, and the label appears in line w/ expectations.

Analyst Biren Amin states, "Based on our most recent CRPC survey, we expect pre-chemo mkt share for Xtandi of 46-48%, and U.S. Xtandi sales of $1.17B in 2015 (v. cons of $1.11B). On approval, we lower our discount rate and increase our PT to $89 (v. $80 previously)."

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 $96.89 yesterday.

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