Medivation Inc. (MDVN) Shares Down 0.9%
Medivation Inc. (NASDAQ:MDVN)’s share price dropped 0.9% during mid-day trading on Monday . The stock traded as low as $65.23 and last traded at $65.42, with a volume of 434,239 shares trading hands. The stock had previously closed at $66.02.
MDVN has been the subject of several analyst reports. Canaccord Genuity upgraded shares of Medivation from a “hold” rating to a “buy” rating and boosted their target price for the company from $45.00 to $70.00 in a research note on Tuesday, April 19th. SunTrust Banks Inc. reiterated a “buy” rating and issued a $56.00 target price on shares of Medivation in a research note on Tuesday, April 19th. Leerink Swann reiterated a “hold” rating and issued a $70.00 target price (up from $55.00) on shares of Medivation in a research note on Monday, April 25th. Zacks Investment Research raised shares of Medivation from a “strong sell” rating to a “buy” rating and set a $58.00 price target for the company in a report on Wednesday, April 27th. Finally, Citigroup Inc. reissued a “hold” rating and issued a $37.00 price target on shares of Medivation in a report on Thursday, April 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $72.46.
The stock has a 50 day moving average of $62.70 and a 200 day moving average of $51.63. The firm’s market cap is $10.86 billion.
Medivation (NASDAQ:MDVN) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. During the same period last year, the firm earned $0.58 EPS. The firm had revenue of $206 million for the quarter, compared to analyst estimates of $214.52 million. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts expect that Medivation Inc. will post $1.28 EPS for the current fiscal year.
In other news, SVP Andrew Kenneth William Powell sold 2,578 shares of Medivation stock in a transaction on Monday, June 6th. The stock was sold at an average price of $60.42, for a total transaction of $155,762.76. Following the completion of the transaction, the senior vice president now owns 28,517 shares of the company’s stock, valued at approximately $1,722,997.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the company. Cornerstone Capital Management Holdings LLC. increased its position in Medivation by 30.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 64,075 shares of the biopharmaceutical company’s stock valued at $3,098,000 after buying an additional 14,870 shares during the period. Bank of Montreal Can boosted its stake in Medivation by 8.0% in the fourth quarter. Bank of Montreal Can now owns 38,138 shares of the biopharmaceutical company’s stock worth $1,844,000 after buying an additional 2,836 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted 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 in the last quarter. Schroder Investment Management Group bought a new stake in Medivation during the fourth quarter worth approximately $1,710,000. Finally, Andra AP fonden boosted 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 in the last quarter.
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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