UPDATE: Stifel Reiterates On Medivation Following Prostate Cancer Survey

Loading...
Loading...
In a report published Monday, Stifel analyst Joel Sendek reiterated a Buy rating on
Medivation
MDVN
, and raised the price target from $81.00 to $83.00. In the report, Stifel noted, “Based on our survey of 40 doctors who treat prostate cancer, we believe that Xtandi has the potential to become the dominant pre-chemotherapy prostate cancer drug, ahead of Zytiga. "We base our belief on 3 factors: In their metastatic castrate resistant prostate cancer patients (mCRPC), urologists estimate 30% of their patients will start on Xtandi as their first systemic treatment, above 27% for Zytiga and 5% for chemotherapy. We believe that urologists will be the primary treating physicians in the front-line setting based on the high relative proportion of urologists writing Xtandi scripts prior to pre-chemo approval. Both urologists and oncologists said that overall survival benefit is the primary factor in choosing front-line therapy. "We note that in the Phase III PREVAIL trial, Xtandi had a 29% reduction of risk of death compared to 21% for Zytiga. Surveyed docs noted that they will use less chemotherapy in all lines of treatment, most notably the front-line. We believe that most of the patients who would have been treated with chemo will be treated with an oral anti-androgen instead and note that urologists preferred Xtandi to Zytiga by a 4-to-3 margin.” Medivation closed on Friday at $77.26.
Loading...
Loading...
Posted In: Analyst ColorPrice TargetAnalyst RatingsJoel SendekStifel
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...