UPDATE: Wedbush Reiterates Outperform Rating, Raises PT for Medivation

In a report published earlier today, Wedbush Securities Inc. reiterated its Outperform rating for Medivation, Inc. MDVN and raised its price target from $86.00 to $100.00, related to the recently announced results of trials for the cancer drug Zytiga. Wedbush went on to say “We view these results as a positive for MDVN's enzalutamide (MDV3100), as enzalutamide showed better results in Phase II compared to Zytiga's Phase II in pre-chemotherapy patients, and of course appeared to provide a greater benefit in Phase III post-chemotherapy patients. While it is always difficult to compare across clinical trials, we view these results as likely reflecting positively on the possibility that MDVN's larger Phase III trial (~1700 patients compared to 1088 in the ‘302 trial) could show a statistically significant survival benefit.” Medivation, Inc. closed on Friday at $82.68.