Zacks Reaffirms Neutral Rating for Medivation (MDVN)
Medivation (NASDAQ:MDVN)‘s stock had its “neutral” rating restated by Zacks in a report released on Monday. They currently have a $89.00 price objective on the stock. Zacks‘s target price suggests a potential upside of 5.40% from the company’s current price.
Zacks’ analyst wrote, “Medivation posted earnings of $0.60 per share in the second quarter of 2014, turning around the year-ago loss of $0.07 per share and easily beating the Zacks Consensus Estimate of $0.28 per share. Revenues came in at $148.1 million, up 111.1% from the year-ago period, beating the Zacks Consensus Estimate of $129 million. Medivation’s second quarter results were strong with Xtandi performing well again. Moreover, the increased Xtandi guidance is encouraging – this is the second time this year that the company raised its guidance for Xtandi. Xtandi could very well be a game-changer for Medivation. The prostate cancer market represents huge commercial potential. Expansion into the pre-chemo setting would be a major positive for Medivation. We remain Neutral on the stock.”
In other Medivation news, Insider Lynn Seely sold 20,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $83.62, for a total value of $1,672,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Medivation (NASDAQ:MDVN) traded up 3.14% on Monday, hitting $87.09. The stock had a trading volume of 327,472 shares. Medivation has a 1-year low of $48.15 and a 1-year high of $88.20. The stock has a 50-day moving average of $78. and a 200-day moving average of $72.07. The company has a market cap of $6.687 billion and a price-to-earnings ratio of 271.51.
Medivation (NASDAQ:MDVN) last announced its earnings results on Thursday, August 7th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was up 111.1% on a year-over-year basis. On average, analysts predict that Medivation will post $2.43 earnings per share for the current fiscal year.
A number of other firms have also recently commented on MDVN. Analysts at Jefferies Group reiterated a “positive” rating on shares of Medivation in a research note on Monday, August 18th. Separately, analysts at Aegis raised their price target on shares of Medivation from $125.00 to $130.00 in a research note on Friday, August 8th. Finally, analysts at Leerink Swann raised their price target on shares of Medivation from $104.00 to $107.00 in a research note on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $97.00.
Medivation, Inc is a biopharmaceutical company focused on the development and commercialization of novel therapies.
To view Zacks’ full report, visit Zacks’ official website.
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