Stifel Raises Medivation Inc Price Target

Analysts at Stifel raised their price target on shares on Medivation Inc. MDVN to $112 from $89 on Thursday.

On Wednesday, The FDA Approved Medivation’s Xtandi broadened label to expand treatment to metastatic castrate resistant prostate cancer (mCRPC) prior to chemotherapy.

Brian Klein stated, “We believe that the pre-chemo market will drive Xtandi sales going forward, and increase both our out-year sales and our growth trajectory.” In addition, “With pre-chemo risk removed, MDVN could look attractive to an acquirer.”

Although there has not been any M&A discussions surrounding the company, Medivation’s strong revenue stream would make an excellent addition to an already established urology company, said Klein.

Shares of Medivation are trading at $98.20 up 1.3 percent Thursday morning.