Medivation Shares Up 9.1% Following Earnings Beat (MDVN)
Medivation (NASDAQ:MDVN) shot up 9.1% during trading on Friday following a stronger than expected earnings report, American Banking & Market News reports. The company traded as high as $84.30 and last traded at $82.14, with a volume of 2,631,045 shares changing hands. The stock had previously closed at $75.27.
The company reported $0.60 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.24 by $0.36. The company had revenue of $148.09 million for the quarter, compared to the consensus estimate of $126.46 million. During the same quarter last year, the company posted ($0.07) earnings per share. Medivation’s revenue was up 111.1% compared to the same quarter last year.
A number of analysts have recently weighed in on MDVN shares. Analysts at Stifel Nicolaus raised their price target on shares of Medivation from $83.00 to $89.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Brean Capital raised their price target on shares of Medivation from $100.00 to $105.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Medivation from $95.00 to $98.00 in a research note on Monday. They now have an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $94.00.
The stock has a 50-day moving average of $75.76 and a 200-day moving average of $71.52. The company’s market cap is $6.267 billion.
Medivation, Inc is a biopharmaceutical company focused on the development and commercialization of novel therapies.
Receive News & Ratings for Medivation Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medivation Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.