Canaccord Genuity Initiates Coverage on Medivation (MDVN)
Canaccord Genuity started coverage on shares of Medivation (NASDAQ:MDVN) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set a “hold” rating and a $60.00 price target on the stock. Canaccord Genuity’s price target suggests a potential upside of 3.27% from the company’s current price.
The analysts wrote, “We are initiating coverage on Medivation with a HOLD rating and $60 price target. We see 3Q14 approval for Xtandi in the pre-chemotherapy setting causing a urologist-driven inflection in growth.”
Medivation (NASDAQ:MDVN) traded up 0.41% during mid-day trading on Wednesday, hitting $58.34. The stock had a trading volume of 92,020 shares. Medivation has a 52-week low of $44.51 and a 52-week high of $88.20. The stock has a 50-day moving average of $67.03 and a 200-day moving average of $66.36. The company’s market cap is $4.453 billion.
Medivation (NASDAQ:MDVN) last released its earnings data on Thursday, February 27th. The company reported $0.03 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.08) by $0.11. The company had revenue of $96.61 million for the quarter, compared to the consensus estimate of $72.68 million. During the same quarter last year, the company posted ($0.43) earnings per share. Medivation’s revenue was up 160.0% compared to the same quarter last year. On average, analysts predict that Medivation will post $0.77 earnings per share for the current fiscal year.
MDVN has been the subject of a number of other recent research reports. Analysts at Zacks downgraded shares of Medivation from an “outperform” rating to a “neutral” rating in a research note on Tuesday, March 25th. They now have a $68.00 price target on the stock. Separately, analysts at Maxim Group raised their price target on shares of Medivation from $92.00 to $112.00 in a research note on Monday, March 17th. They now have a “buy” rating on the stock. Finally, analysts at UBS AG cut their price target on shares of Medivation from $93.00 to $85.00 in a research note on Monday, March 3rd. They now have a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $87.13.
Medivation, Inc is a biopharmaceutical company focused on the development and commercialization of novel therapies.
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