UPDATE: Aegis Capital Corp. Reiterates Buy Rating, $100 PT on Medivation Following In-Line 3Q 2013 Financial Results

In a report published Wednesday, Aegis Capital Corp. analyst Raghuram Selvaraju reiterated a Buy rating and $100.00 price target on

. In the report, Aegis Capital Corp. noted, “Yesterday afternoon, after the market close, Medivation released financial results for the third quarter of 2013. The company reported a loss per share of $0.18, in-line with our estimate but comfortably ahead of consensus numbers. While the top-line revenue number was marginally below our anticipated number at $60mm vs. the projected $66mm, we note that Medivation's share of U.S. net sales revenue from XTANDI (enzalutamide) were $54.2mm, ahead of our estimate of $52mm. The firm indicated that it expects net U.S. 2013 sales of XTANDI to beat its original guidance of $345mm - $365mm from sales of XTANDI in 2013; as a reminder, we anticipated this with our initial 2013 projection of $390mm for U.S. net XTANDI sales. We have raised this number to $400mm. In the wake of this positive data and in anticipation of regulatory filings in both the U.S. and Europe near-term for XTANDI in chemotherapy-naïve HRPC, we reiterate our Buy rating and $100 12-month price target on Medivation shares.” Medivation closed on Tuesday at $60.91.