Leerink analyst Geoffrey Porges says Medivation (MDVN) acquisition signals are becoming convincing despite management reluctance. The analyst's expected range for a potential transaction is $35-$70 per share, driven by the company's Xtandi and tax and cost of capital assumptions. The analyst sees companies with both low tax rates and low cost of capital as more likely acquirers, with AstraZeneca (AZN) and AbbVie (ABBV) as being best positioned, followed by Amgen (AMGN) and Sanofi (SNY). Porges reiterates a Market Perform rating and $39 price target on Medivation's shares.

Amgen "provided an update regarding the results of the Phase 2a COURSE trial for TEZSPIRE(R) in chronic obstructive pulmonary disease, or COPD, which were accepted for presentation in the Clinical Trials Symposium at The American Thoracic Society 2024 International Conference on Monday, May 20, from 9:15-11:15 a.m. PDT. We are encouraged by the results of the COURSE Phase 2a proof-of-concept trial, which investigated tezepelumab in moderate to very severe COPD patients, across a broad range of eosinophil levels, irrespective of inflammatory drivers, emphysema, chronic bronchitis and smoking status. This study did not exclude any patients based on their baseline eosinophil count (BEC) and intentionally enrolled patients with a broad range of BECs. Overall, tezepelumab numerically reduced the annualized rate of moderate or severe COPD exacerbations versus placebo by 17% (90% CI: -6, 36; p=0.1042). Of note, more reductions were observed in a prespecified subgroup of patients with BEC greater than or equal to150 cells/muL (37% [95% CI: 7, 57]). The trend in reduction was greater in a small number of subjects with BEC greater than or equal to300 cells/microL."

TD Cowen lowered the firm's price target on Amgen to $360 from $370 and keeps a Buy rating on the shares. The firm updated its model ahead of Q1 earnings based on their sales/scrip trackers and to better align estimates with Q1 and 2024 sales and operating expenses guidance.