William Blair analyst Y. Katherine Xu says that even though shares of Medivation (MDVN) have recovered to $52, the stock still represents an "attractive opportunity for a takeover." The valuation of the Xtandi opportunity in breast cancer, with proof-of-concept data from a large Phase II study due out in second half 2016, is the "big swing factor" for a takeover valuation, Xu tells investors in a research note. She believes a contingent value rights clause might be needed in an acquisition agreement to adequately account for this opportunity. The analyst believes her price target of $67 represents a reasonable takeout valuation. Xu keeps an Outperform rating on Medivation. She views Sanofi (SNY), AstraZeneca (AZN), Roche (RHHBY), AbbVie (ABBV) and Amgen (AMGN) as potential acquirers of Medivation.

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.