Medivation sees FY12 OpEx $205M-$215M Medivation currently expects total operating expenses for 2012, net of cost-sharing payments from Astellas, to be between $205M-$215M, approximately $25M of which consists of non-cash stock-based compensation expense. This increase from prior guidance of between $183M-$198M is due primarily to increased compensation and royalty expense in 2012 resulting from XTANDI's approval in the U.S. approximately one quarter earlier than expected. Medivation continues to expect to incur approximately $15M in capital expenditures in 2012, primarily related to leasehold improvements at its new corporate and commercial headquarters facilities.
Medivation downgraded to Neutral from Buy at Goldman Goldman Sachs downgraded Medivation to Neutral saying current share levels fairly value Xtandi's opportunities in prostate and breast cancer. Goldman raised its price target for shares to $110 from $90 and believes Medivation's fundamentals remain strong.
Medivation upgraded to Buy at Canaccord As reported previously, Canaccord upgraded Medivation to Buy from Hold citing the pre-chemotherapy opportunity and meaningful incremental share gains of its Xtandi drug. Canaccord raised its price target on Medivation to $132 from $60.