UPDATE: Wedbush Reiterates Outperform Rating, Raises PT for Medivation

In a report released earlier today, Wedbush Securities Inc. reiterated its Outperform rating for Medivation, Inc.

and raised its price target from $81.00 to $86.00. Wedbush went on to say “MDVN announced Q1:12 EPS of $0.01, due to recognition of upfront and milestone payments from former partner Pfizer, and current partner Astellas. The company ended the quarter with $380M in cash, after netting $251M from a convertible debt offering in the quarter. Cash burn was guided to $155-$170M, we estimate $173M in burn for 2012.” Medivation, Inc. closed yesterday at $77.72.