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Stock Market & Financial Investment News

News Breaks
December 24, 2012
10:52 EDTMDVNMedivation spikes lower after court case loss, levels to watch
The stock is down over 4.7% at time of writing following new that the summary ruling that denied the company rights to Aragon's ARN-509. Next support is at $48.67. Resistance is at $50.10.
News For MDVN From The Last 14 Days
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September 4, 2015
09:42 EDTMDVNBattleground: Will this $5 biotech stock go to $22 or $1.50?
In the last two days, analysts have issued widely divergent opinions and price targets on Keryx Biopharmaceuticals, a small-cap biotech company focused on the treatment of renal diseases. CITI SAYS SELL: Citi analyst Yigal Nochomovitz started shares of Keryx yesterday with a Sell rating and $1.50 price target. Nochomovitz expects the Auryxia launch and long-term sales trends to "materially underperform" consensus expectations. Auryxia is a phosphate binder used for the control of serum phosphorus levels in patients with chronic kidney disease on dialysis. Nochomovitz estimates Auryxia has peak U.S. sales potential of $57M, well below the consensus estimate of $485M. BREAN SAYS BUY: Brean Capital analyst Jonathan Aschoff told investors this morning that he views the recent selloff in shares of Keryx as overdone. The bearish assessment of Auryxia's ultimate market potential is premature, Aschoff contends. Auryxia "finally achieved" a majority of insurance coverage in early August, which will facilitate prescription writing, the analyst argues. He also believes Keryx's 50% salesforce increase should make a "noticeable impact" on revenue. Aschoff reiterated a Buy rating on the stock with a $22 price target. WHAT'S NOTABLE: Along with yesterday's note on Keryx, Nochomovitz expanded Citi's coverage of the Biotech space by initiating seven other small- and mid-cap names. Chimerix (CMRX) is Nochomovitz's top pick with a Buy rating and $80 price target. Other stocks to which he assigned Buy ratings include Ophthotech (OPHT), Relypsa (RLYP) and ZS Pharma (ZSPH). In addition to placing a Sell rating on Keryx, Nochomovitz started Ultragenyx (RARE) with a sell and an $87 price target. He rounded out his coverage with Neutral ratings on Medivation (MDVN) and Puma Biotechnology (PBYI). PRICE ACTION: In early trading, Keryx shares fell 40c, or 7,9%, to $4.66, which comes on top of the 16% decline the stock suffered yesterday. Over the last three months, Keryx shares have fallen more than 50%.
September 3, 2015
10:04 EDTMDVNOn The Fly: Analyst Initiation Summary
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08:15 EDTMDVNChimerix rallies, Keryx falls after Citi expands Biotech coverage
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06:40 EDTMDVNMedivation initiated with a Neutral at Citi
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August 28, 2015
07:12 EDTMDVNWilliam Blair names 21 stocks best positioned for volatile markets
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August 27, 2015
08:35 EDTMDVNMedivation price target raised to $166 at William Blair after talazoparib deal
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August 24, 2015
07:02 EDTMDVNMedivation to acquire worldwide rights to Talazoparib from BioMarin
Medivation (MDVN) and BioMarin Pharmaceutical (BMRN) have entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib, a highly-potent, orally-available poly ADP ribose polymerase inhibitor currently in a Phase 3 study for the treatment of patients with deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer. Under the agreement, Medivation will be responsible for all research, development, regulatory and commercialization activities for all indications on a global basis. Under the terms of the agreement, Medivation will pay BioMarin $410 million upfront, up to an additional $160 million upon the achievement of regulatory and sales-based milestones and mid-single digit royalties for talazoparib. At the closing of the transaction, Medivation will assume all financial obligations associated with the development and commercialization of talazoparib. The closing of the transaction is conditioned on the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is anticipated to close in 2015.

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