Medivation (MDVN) PT Raised to $70 at RBC Capital

RBC Capital analyst Simos Simeonidis lifted his price target on Medivation (NASDAQ: MDVN) to $70.00 (from $40.00) while maintaining a Sector Perform rating on the stock.

Simeonidis commented, "MDVN reported $548M in WW Xtandi sales, flat Q/Q, but reiterated 2016 guidance on track for $2.5B in WW sales. We have a difficult time modeling significantly higher valuations using realistic assumptions for Xtandi. However, we believe that MDVN has significant scarcity value, with an oral approved agent for a large oncology indication, and don't expect it to remain independent past 2016. PT raised to $70"

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 $59.22 yesterday.

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