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News Breaks
January 29, 2014
08:05 EDTMDVNMedivation price target raised to $95 from $80 at Credit Suisse
Credit Suisse raised Medvation's price target ahead of PREVAIL trial data on January 30. The firm has increased confidence in the data and raised 2015 and beyond estimates. Shares are Outperform rated.
News For MDVN From The Last 14 Days
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July 31, 2015
09:25 EDTMDVNOn The Fly: Pre-market Movers
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08:51 EDTMDVNMedivation says Astellas reports U.S. XTANDI sales rose 33% last quarter
In a regulatory filing, Medivation (MDVN) disclosed that its alliance partner Astellas Pharma (ALPMY) reported its financial results for the quarter ended June 30, within which Astellas reported, among other things, that U.S. net sales of XTANDI capsules were $298.4M for the quarter, an increase of 33% above the reported net sales of $224M in the quarter ended March 31. Based on information provided by Astellas, approximately half of the $74.4M increase in net sales was the result of higher volume, which included an increase in underlying demand, or low to mid-teens percent growth, as a percentage of the March quarter sales, and the remaining increase was related to price elements, including changes in the gross-to-net discount. Based on information provided by Astellas, XTANDI U.S. net sales for the quarter included a favorable adjustment related to changes in prior period estimates of deductions against gross sales, as recorded by Astellas, of approximately $2.8M. Astellas also reported net sales of XTANDI outside of the U.S. for the quarter ended June 30, which Medivation estimates at approximately $188M, 42% higher than the ex-U.S. net sales of approximately $133M for the quarter ended March 31. U.S. dollar equivalent net sales for the quarter ended June 30 were adversely affected by a strengthening U.S. dollar vs. other currencies by approximately $3M or 2% compared with net sales in the quarter ended March 31. Medivation plans to report its own financial results for the quarter ended June 30 on August 6, the company noted.
08:44 EDTMDVNMedivation announces two-for-one stock split
Medivation announces that its board has declared a two-for-one stock split of Medivationís common stock to be effected through a stock dividend. Shareholders of record as of August 13 will receive one additional share of Medivation common stock for each share they hold as of the record date. The share distribution is scheduled for September 15.
07:41 EDTMDVNMedivation Xtandi sales data should ease concerns, says UBS
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July 30, 2015
07:52 EDTMDVNMedivation price target lowered to $107 from $146 at Stifel
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July 29, 2015
17:05 EDTMDVNOn The Fly: Top stock stories for Wednesday
Stocks began the session in positive territory but soon turned mixed as the tech heavy Nasdaq was unable to hold its gains. The Federal Reserve's statement that accompanied its rate decision was little changed from its last meeting, keeping investors optimistic about a possible delay in its first interest rate hike in many years. ECONOMIC EVENTS: In the U.S., the Federal Reserve concluded a two-day meeting on monetary policy and kept benchmark interest rates unchanged between 0% and 0.25%, as expected. The Fed said information received since the last time the FOMC met indicates that economic activity has been expanding "moderately" in recent months, noting that the labor market continued to improve, with "solid job gains and declining unemployment." The central bank repeated that even after employment and inflation near "mandate-consistent levels," economic conditions may warrant keeping the target federal funds rate below "normal" levels. An index of pending home sales fell 1.8% in June, versus expectations for it to have risen 1% compared to the prior month. In China, the Shanghai composite index rose 3.4%, stemming its most recent stretch of declines, though the index is still deeply in the red on a week-to-date basis. COMPANY NEWS: Shares of Twitter (TWTR) fell $5.30, or 14.5%, to $31.24 after the company reported better than expected quarterly results but its management tempered expectations about its user growth. Several analysts cut their price targets on the stock and warned its shares may be range bound in the near-term, but maintained their buy ratings on the stock based on the social network operator's long-term potential. Analysts were not as ready to jump to the defense of another Internet stock, Yelp (YELP), which plunged $8.40, or 25.07%, to $25.11 after the local business review site operator reported lower than expected profit and lowered its fiscal year revenue guidance. At least eight research firms downgraded the stock after the company's outlook missed expectations and it announced the exit of brand advertising... Two defense contractors, Northrop Grumman (NOC) and General Dynamics (GD), advanced after each topped expectations with their quarterly reports and raised their fiscal year outlooks. General Dynamics shares gained 3.93% to $149.96 following its "beat and raise" report, while Northrop jumped 6.18% to $173.44. MAJOR MOVERS: Among the notable gainers was Cytec Industries (CYT), which gained 27.04% to $74.19 after agreeing to be acquired by Brussels-based Solvay (SVYZY) for $75.25 per share in cash, corresponding to an enterprise value of $6.4B. Among the noteworthy losers was Tableau Software (DATA), which fell $13.58, or 10.67%, to $113.64 after its earnings report. Cantor Fitzgerald analyst Brian White attributed today's pullback in shares to "very high" expectations going into the quarter, while Wedbush said Tableau's Q2 deceleration was due to difficulty in sustaining its "extraordinarily high" growth rate. Also lower were shares of Medivation (MDVN), which fell $8.77, or 8.39%, to $95.74 after Cowen analyst Eric Schmidt said prescription trends for the company's prostate cancer drug Xtandi have "slowed considerably." Schmidt, who thinks consensus expectations calling for Xtandi sales topping $3B in sales by 2019 are "far too high," recommended selling the shares and lowered his price target on the stock to $77. INDEXES: The Dow rose 121.12, or 0.69%, to 17,751.39, the Nasdaq gained 22.53, or 0.44%, to 5,111.73, and the S&P 500 advanced 15.32, or 0.73%, to 2,108.57.
12:17 EDTMDVNMedivation plummets after Cowen highlights slowing Xtandi trends
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12:04 EDTMDVNMedivation weakness a buying opportunity, says Barclays
Barclays said Medivation shares are pricing in a Q2 miss and lowered guidance, both of which is unlikely. The firm expects shares to react positively to US Xtandi sales numbers and reaffirmation of guidance, and recommends buying shares on weakness today.

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