After raising his price target for Medivation shares to $52 following a "more bullish" physician survey on Xtandi, Jefferies analyst Biren Amin provided an updated M&A analysis for the company. His baseline scenarios now include buyout ranges of $53-$60 per share and $59-$68 per share when assuming $200M of synergies and $400M of synergies, respectively. Amin's "rose colored glasses" scenario, which projects peak Xtandi U.S. revenue of $5.9B, estimates a Medivation buyout price of $72-$83 per share with $200M of synergies and $79-$90 per share with $400M of synergies. The analyst added AstraZeneca (AZN), Novartis (NVS), and Pfizer (PFE) to his list of potential acquires, joining Amgen (AMGN), Bayer (BAYRY) and Sanofi (SNY). Amin has a Hold rating on Medivation. The stock closed Friday up $1.63 to $57.80 after the company rejected Sanofi's $52.50 per share takeover bid.

TD Cowen analyst Yaron Werber raised the firm's price target on BeiGene (BGNE) to $236 from $235 and keeps a Buy rating on the shares. The firm updated its model to reflect lower collaborative revenue given termination of Novartis (NVS) agreement for tisle in Sep 2023.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.

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Pfizer announced that the European Commission, or EC, has granted marketing authorization for Emblaveo for the treatment of adult patients with complicated intra-abdominal infections, or cIAI, hospital-acquired pneumonia, or HAP, including ventilator-associated pneumonia, or VAP, and complicated urinary tract infections, or cUTI, including pyelonephritis. It is also indicated for the treatment of infections due to aerobic Gram-negative organisms in adult patients with limited treatment options.