Medivation Inc. (MDVN) Reaches New 12-Month High at $68.37
Medivation Inc. (NASDAQ:MDVN) hit a new 52-week high on Wednesday . The company traded as high as $68.37 and last traded at $66.67, with a volume of 1,139,614 shares trading hands. The stock had previously closed at $65.21.
A number of equities research analysts have weighed in on MDVN shares. Canaccord Genuity upgraded shares of Medivation from a “hold” rating to a “buy” rating and lifted their price target for the company from $45.00 to $70.00 in a research report on Tuesday, April 19th. Barclays PLC lifted their price target on shares of Medivation from $48.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, May 6th. Brean Capital reiterated a “buy” rating and set a $61.00 price target on shares of Medivation in a research report on Saturday, May 7th. Leerink Swann reiterated a “market perform” rating and set a $64.00 price target (up from $39.00) on shares of Medivation in a research report on Saturday, May 7th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $50.00 price objective (up previously from $47.00) on shares of Medivation in a report on Monday, May 9th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $72.46.
The company’s 50 day moving average is $62.70 and its 200-day moving average is $51.63. The firm’s market capitalization is $11.08 billion.
Medivation (NASDAQ:MDVN) last posted its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. The business had revenue of $206 million for the quarter, compared to analyst estimates of $214.52 million. During the same period last year, the company posted $0.58 EPS. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. Analysts forecast that Medivation Inc. will post $1.28 earnings per share for the current year.
In other Medivation news, SVP Andrew Kenneth William Powell sold 2,578 shares of the stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $60.42, for a total value of $155,762.76. Following the completion of the sale, the senior vice president now owns 28,517 shares of the company’s stock, valued at $1,722,997.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Other hedge funds recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its stake in Medivation by 16.6% in the fourth quarter. Advisors Asset Management Inc. now owns 25,952 shares of the biopharmaceutical company’s stock worth $1,255,000 after buying an additional 3,688 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in Medivation by 7.2% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 29,559 shares of the biopharmaceutical company’s stock worth $1,429,000 after buying an additional 1,979 shares during the last quarter. Andra AP fonden increased its stake in Medivation by 19.5% in the fourth quarter. Andra AP fonden now owns 30,600 shares of the biopharmaceutical company’s stock worth $1,479,000 after buying an additional 5,000 shares during the last quarter. KBC Group NV increased its stake in Medivation by 98.7% in the fourth quarter. KBC Group NV now owns 32,177 shares of the biopharmaceutical company’s stock worth $1,556,000 after buying an additional 15,984 shares during the last quarter. Finally, Schroder Investment Management Group bought a new stake in Medivation during the fourth quarter worth $1,710,000.
Medivation, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapies to treat serious diseases for which there are limited treatment options. The Company, in collaboration with Astellas Pharma, Inc (Astellas), has one commercial product, XTANDI (enzalutamide) capsules (XTANDI).
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