UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Medivation
In a report published Monday, Jefferies & Company reiterated its Buy rating on Medivation (NASDAQ: MDVN), 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.
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