UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on Medivation, Inc. as Xtandi Deserves To Move Upstream

In a report published Wednesday, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on

, and raised the price target from $125.00 to $142.00. In the report, Brean Capital noted, "At the European Association of Urology Congress yesterday, two abstracts were presented during a late-breaking session including additional data from the Phase 2 TERRAIN trial in metastatic castration-resistant prostate cancer (mCRPC) and final OS data from the Phase 3 PREVAIL trial in chemo-naïve mCRPC. New results for TERRAIN included PSA reduction and time to PSA progression, as well as more details on the frequency of adverse events. For PREVAIL, updated OS results were presented, showing continued benefit (higher difference in median OS vs. the prior projected median OS, and less robust HR but still highly significant). We remain bullish on Xtandi's prospects to progress upstream in the prostate cancer treatment paradigm, and we look forward to Phase 2 STRIVE data sometime in the near future, which we view to be another significant clinical catalyst for Medivation. Given our optimism driven by consistently positive and differentiating data for Xtandi, we are raising our target price to $142 from $125." Medivation, Inc. closed on Tuesday at $133.15.