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News Breaks
December 24, 2012
10:12 EDTMDVNMedivation falls after losing court decision over compound rights
Medivation (MDVN) is retreating after a California Superior Court rejected Medivation's contention that the University of California had violated its agreements with the company by licensing certain compounds to another drug company, Aragon. The court found that the licensing deal struck between Medivation and the University did not prohibit the school from granting rights to Aragon for compounds that were discovered prior to those licensed to Medivation. Aragon is using the compounds to develop a drug which could compete with Medivation's Xtandi, a prostate cancer treatment that has already been approved by the FDA. In a note to investors earlier today, however, research firm Jefferies wrote that Medivation would not be significantly hurt by the decision over the long term. Aragon's drug, ARN-509, isn't significantly different from Medivation's treatment and ARN-509 isn't likely to be approved for more than three years, the firm believes. Moreover, regulators may require Aragon to conduct a trial to determine if ARN-509 is more effective than Medivation's Xtandi, Jefferies wrote. Such a requirement would create another hurdle for Aragon, Jefferies believes. Medivation may appeal the court's decision, the firm added. The firm maintained a $62 price target and Buy rating on Medivation shares. In early trading, Medivation fell $1.46, or 2.81%, to $50.38.
News For MDVN From The Last 14 Days
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March 30, 2015
09:18 EDTMDVNMedivation price target raised to $163 from $126 at Maxim
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08:22 EDTMDVNMedivation price target raised to $163 from $126 at Maxim
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07:24 EDTMDVNStifel to hold a bus tour
BioTrek: 2015 West Coast Healthcare Therapeutics Bus Tour travels throughout San Francisco on March 30-April 1.
March 27, 2015
06:55 EDTMDVNMedivation price target raised to $150 from $133 at Barclays
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March 25, 2015
09:06 EDTMDVNMedivation price target raised to $144 from $123 at William Blair
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07:53 EDTMDVNMedivation reported strong, positive results, says JMP Securities
JMP Securities says that the results of a study comparing Medivation's Xtandi to bicalutamide, the market leading prostate cancer medication, were strong and positive for Medivation. The firm continues to expect Xtandi to prove to be superior to bicalutamide. It expects Xtandi to generate $8B in worldwide revenue and raised its price target on Medivation to $143 from $126 while keeping an Outperform rating on the shares.
07:39 EDTMDVNMedivation price target raised to $142 from $125 at Brean Capital
Brean Capital raised its price target on Medivation to $142 from $125 following the presentation of additional Phase 2 TERRAIN trial data in metastatic castration-resistant prostate cancer and final OS data from the Phase 3 PREVAIL trial in chemo-naive mCRPC. The firm remains optimistic by consistent and positive data and reiterated its Buy rating on Medivation shares.
07:02 EDTMDVNMedivation price target raised to $148 from $130 at JPMorgan
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March 24, 2015
07:07 EDTMDVNAstellas Pharma and Medivation report data from Phase 2 Terrain trial
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