UPDATE: Jefferies Raises PT to $105 on Medivation on Zytiga Data
Jefferies reiterates its Buy rating on Medivation (NASDAQ: MDVN) and raises its price target from $97 to $105.
Jefferies notes, "On Saturday morning at ASCO, Dr. Charles Ryan from UCSF presented Ph III data reporting a strong OS benefit with Zytiga (~9 mos benefit if 33% improvement from 27 mos) in 1,088 chemo-naïve patients with CRPC. As a result of enzalutamide's broader AR inhibitory activity v. Zytiga, we believe enza could meet/beat the OS benefit observed in the '302 trial."
MDVN closed at $82.68 on Friday.
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