Jefferies Raises PT on Medivation to $95

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Jefferies & Company has published a research report on Medivation
MDVN
after the company reported robust AFFIRM data on all front last night. In the report, Jefferies writes, "Three months ago, MDVN released overall survival data and observed an OS improvement of 4.8 months with MDV3100 (18.4 months vs 13.6 months with placebo; p < 0.0001). The company release additional efficacy data, and reveals a tight correlation between improvement in radiographic PFS and time to PSA progression to OS benefit. A highly significant improvement of 5.4 months and 5.3 months was observed with radiographic PFS and time to PSA progression, respectively. Comparatively, J&J's (JNJ; $65.91, NC) Zytiga in the '301 trial observed only a 2-month improvement in PFS. MDV3100's OS results will hold up to FDA scrutiny given the drug arm was not impacted by post-progression treatments." Jefferies maintains its Buy rating and has raised the price target from $62 to $95 on Medivation, which closed yesterday at $55.41.
Posted In: Analyst ColorPrice TargetPre-Market OutlookAnalyst RatingsJefferies & Company
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