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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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December 15, 2014
08:46 EDTMDVNMedivation 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.
December 12, 2014
18:05 EDTMDVNMedivation, Astellas Pharma report data from Phase 2 study of enzalutamide
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December 9, 2014
08:48 EDTMDVNMedivation management to meet with Leerink
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07:44 EDTMDVNAmerican Association for Cancer Research to hold a symposium
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