Zacks Investment Research downgraded shares of Medivation, Inc. (MDVN) from OUTPERFORM to NEUTRAL on March 13, 2013, with a target price of $50.00.
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. However, we believe these positive factors are already reflected in the stock price and are moving back to a Neutral recommendation.
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