Zacks downgraded shares of Medivation (NASDAQ:MDVN) from an outperform rating to a neutral rating in a report issued on Wednesday, AnalystRatings.Net reports. They currently have $59.00 target price on the stock.
Zacks’ analyst wrote, “Medivation reported a second-quarter loss of $0.07 per share, narrower than the Zacks Consensus Estimate of a loss of $0.21 per share and the year-ago loss of $0.08. Revenues were $70.1 million, above the year-ago revenues of $42.9 million. We are encouraged by Xtandi’s performance, which could very well be a game-changer for Medivation. The prostate cancer market represents huge commercial potential and Xtandi is already doing well. Launch in additional countries should drive sales further. Medivation has consistently presented impressive data on Xtandi and we believe Xtandi has blockbuster potential. It is currently in several studies including for the pre-chemo setting. Expansion into the pre-chemo setting would be a major positive for Medivation. However, we believe all these positive factors are reflected in the stock price and are moving back to a Neutral recommendation.”
MDVN has been the subject of a number of other recent research reports. Analysts at Barclays Capital cut their price target on shares of Medivation from $54.00 to $53.00 in a research note to investors on Monday, August 12th. They now have an equal weight rating on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Medivation from $75.00 to $77.00 in a research note to investors on Friday, August 9th. They now have an outperform rating on the stock. Finally, analysts at Cowen and Company cut their price target on shares of Medivation from $53.00 to $52.00 in a research note to investors on Friday, August 9th. They now have a market perform rating on the stock.
One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Medivation currently has a consensus rating of Buy and an average target price of $73.46.
Shares of Medivation (NASDAQ:MDVN) opened at 56.57 on Wednesday. Medivation has a one year low of $41.89 and a one year high of $59.86. The stock has a 50-day moving average of $56.48 and a 200-day moving average of $51.54. The company’s market cap is $4.255 billion.
Medivation, Inc is a biopharmaceutical company focused on the development and commercialization of novel therapies.
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