Aegis Capital Corp. Reiterates Buy Rating, $100 PT on Medivation
In a report published Wednesday, Aegis Capital Corp. reiterated its Buy rating and $100.00 price target on Medivation (NASDAQ: MDVN).
Aegis Capital noted, “Earlier today, it was disclosed that a California Superior Court judge had ruled last week against Medivation in the case of the firm vs. The Regents of The University of California (Case Number: CGC-11-510715). This case involved allegations by Medivation that a competing prostate cancer agent being developed by the privately-held firm Aragon Pharmaceuticals, ARN-509, actually belonged to Medivation. In our view, the decision may represent a perceptual setback but we note that Medivation is likely to appeal the decision, that a final resolution to this situation is likely to be a couple of years away, and that ARN-509, the competitor to Medivation's XTANDI™, is unlikely to reach the market for at least another four years. Data in chemotherapy-naive patients with XTANDI™ is scheduled to be released next year, and should enhance the competitive profile of the drug. Accordingly, we reiterate our Buy rating and maintain our 12-month price target of $100.00 per share on Medivation.”
Medivation closed on Monday at $50.03.
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