Medivation (MDVN): Anemic Growth from Xtandi - Jefferies

Jefferies analyst, Biren Amin, reiterated his Hold rating on shares of Medivation (NASDAQ: MDVN) after management disclosed a 3% q/q growth due to underlying demand for Xtandi. in Q2. This anemic number is concerning especially when combined with worse gtn and inventory stocking.

One positive trend that could continue is increased duration of Xtandi currently ~9 months and could increase if STRIVE/TERRAIN data are included in the label by the Oct 22 PDUFA. Therefore, the analyst felt comfortable raising his price target to $60 from $56.

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 $63.45 yesterday.

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