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 price target raised to $128 from $107 at Leerink Leerink raised its price target for Medivation shares to $128 after the company presented Stage 1 and preliminary Stage 2 data from the Phase II trial of Xtandi in advanced androgen receptor positive triple negative breast cancer. The firm believes the data demonstrate "clear single agent activity with confirmed objective responses" and keeps an Outperform rating on the stock.