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Fly News Breaks for April 19, 2016
MDVN
Apr 19, 2016 | 05:48 EDT
Canaccord analyst John Newman upgraded Medivation to Buy citing increased confidence in the Xtandi breast cancer program as well as "encouraging data" for talazoparib in ovarian cancer. The latter is wholly owned by Medivation, meaning 100% of profits will flow through to the company, Newman tells investors in a research note. He projects U.S. peak sales for talazoparib of $427M by 2022, and ex-U.S. sales of $356M by 2023 in ovarian cancer. The analyst raised his price target for Medivation shares to $70 from $45. The drugmaker closed yesterday up $2.19 to $53.36.
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