Medivation, Inc. (MDVN) Upgraded by Zacks to OUTPERFORM

Zacks Zacks Investment Research upgraded shares of Medivation, Inc. (MDVN) from NEUTRAL to OUTPERFORM on January 21, 2013, with a target price of $66.00.

Medivation received a major boost in late Aug 2012 when the FDA approved its prostate cancer treatment, Xtandi, several months ahead of the target date. Xtandi, which was launched in the US in Sep 2012, could very well be a game-changer for Medivation. The prostate cancer market represents huge commercial potential and Xtandi is already off to a strong start. Medivation has consistently presented impressive data on Xtandi. Based on the data we have seen so far, we believe the product has blockbuster potential. Xtandi is currently in several studies including studies for the pre-chemo setting. Expansion into the pre-chemo setting would be a major positive for the stock. We are upgrading Medivation to Outperform as we expect the strong Xtandi ramp to continue.

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