UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Medivation

In a report published Monday, Jefferies & Company reiterated its Buy rating on Medivation

, and slightly raised its price target from $61.00 to $62.00. Jefferies noted, “Following the strong Xtandi beat on 2 wks of sales in Sep and guidance for 4Q12-1Q13 announced by Astellas 2 wks ago, MDVN provided incremental commentary during its Q3 earnings on inventory, 3rd party Rx data, ongoing Xtandi clinical trials and PnL nuts & bolts. We continue to believe in a strong Xtandi launch and have ramped up our initial sales trajectory, offset by higher spend to support a new PT of $62.” Medivation closed on Friday at $45.70.