Medivation Inc. (MDVN) Position Boosted by JPMorgan Chase & Co.
JPMorgan Chase & Co. boosted its position in shares of Medivation Inc. (NASDAQ:MDVN) by 70.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 447,053 shares of the biopharmaceutical company’s stock after buying an additional 184,624 shares during the period. JPMorgan Chase & Co. owned 0.27% of Medivation worth $26,958,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new stake in Medivation during the second quarter worth $115,000. Nordea Investment Management AB boosted its stake in Medivation by 8.1% in the second quarter. Nordea Investment Management AB now owns 2,819 shares of the biopharmaceutical company’s stock worth $170,000 after buying an additional 211 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Medivation during the second quarter worth $212,000. Garrison Bradford & Associates Inc. purchased a new stake in Medivation during the second quarter worth $214,000. Finally, PNC Financial Services Group Inc. boosted its stake in Medivation by 252.6% in the second quarter. PNC Financial Services Group Inc. now owns 3,597 shares of the biopharmaceutical company’s stock worth $217,000 after buying an additional 2,577 shares in the last quarter. Institutional investors and hedge funds own 87.55% of the company’s stock.
Medivation Inc. (NASDAQ:MDVN) traded up 0.019% during midday trading on Thursday, hitting $81.045. 2,120,224 shares of the stock were exchanged. The firm has a 50-day moving average price of $74.87 and a 200-day moving average price of $59.87. Medivation Inc. has a one year low of $26.41 and a one year high of $81.15. The stock’s market cap is $13.45 billion.
Medivation (NASDAQ:MDVN) last posted its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business earned $206 million during the quarter, compared to the consensus estimate of $214.52 million. Medivation had a positive return on equity of 17.57% and a negative net margin of 17.24%. The company’s revenue was up 17.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 earnings per share. On average, equities research analysts anticipate that Medivation Inc. will post $1.27 EPS for the current fiscal year.
A number of analysts have recently weighed in on the stock. Canaccord Genuity restated a “buy” rating on shares of Medivation in a report on Sunday, July 17th. Citigroup Inc. restated a “buy” rating on shares of Medivation in a report on Sunday, June 26th. BMO Capital Markets raised their price target on shares of Medivation from $67.16 to $81.50 and gave the company a “market perform” rating in a report on Tuesday, August 23rd. Maxim Group set a $76.00 target price on shares of Medivation and gave the stock a “buy” rating in a research note on Monday, August 22nd. Finally, Stifel Nicolaus cut shares of Medivation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $73.80.
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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