Aegis Capital Reiterates Buy Rating, $100 PT on Medivation on FY2012 Financial Results

In a report published Friday, Aegis Capital reiterated its Buy rating and $100.00 price target on Medivation

. Aegis Capital noted, “Yesterday afternoon, following the market close, Medivation reported financial results for 4Q and FY 2012. The firm also provided guidance on total operating expenses for 2013 ($285mm - $300mm), net of collaboration cost-sharing. While the company's results missed our expectations on the bottom line, we note that roughly $71mm in total XTANDI™ sales was reported for 2012, significantly ahead of our original projection of only $29mm and reflective of the impact that the expanded access program and the accelerated approval of the drug have had. Encouraged by this and confident in our near- and long-term outlook for the drug, we reiterate our Buy rating and $100 12-month price target on Medivation shares.” Medivation closed on Thursday at $54.01.