Medivation Inc (NASDAQ:MDVN) announced the appointment of Andrew Powell as senior vice president, general counsel and corporate secretary, effective May 27, 2015. Andrew will serve as Medivation’s chief legal officer, managing all of its legal affairs and reporting to David Hung, M.D., president and chief executive officer. He succeeds Jennifer Rhodes, who remains a member of the company’s legal team.
“I am delighted to add an executive of Andrew Powell’s experience and stature to Medivation’s leadership team,” said David Hung, M.D., president and chief executive officer of Medivation. “Andrew’s blend of legal acumen and business savvy will serve us well as we continue pursuing our mission of developing innovative therapies for the treatment of serious diseases.”
Andrew Powell added, “I am excited to be joining Medivation at this important point in its growth and development as an industry leader. I look forward to working with the rest of the Medivation team to build the XTANDI® (enzalutamide) franchise and pursue other important opportunities to improve the lives of patients and their families.”
Mr. Powell brings to Medivation more than 25 years of leadership experience in the life sciences, most recently as executive vice president, general counsel and corporate secretary of InterMune, where he helped the company prepare for the U.S. approval and launch of Esbriet® (pirfenidone) as a treatment for idiopathic pulmonary fibrosis and played a leadership role in InterMune’s acquisition by Swiss drug maker Roche for more than $8 billion. Early in his career, Mr. Powell held positions of increasing responsibility for nearly 15 years at the multi-national healthcare company Baxter, where he was instrumental in a series of transactions that established Baxter throughout Asia; Mr. Powell led the global law practice at Baxter Bioscience. Subsequently, he was part of the senior team that repositioned Collagenex Pharmaceuticals as a leader in dermatology. Mr. Powell then served as senior vice president and general counsel at ImClone Systems, where he helped the company grow before playing a key role in a successful process that resulted in a sale to Eli Lilly. Immediately prior to joining InterMune, he was executive vice president, general counsel and secretary at Cornerstone Therapeutics through its successful sale to Chiesi Farmaceutici S.p.A.
Mr. Powell holds a B.A. from the University of North Carolina at Chapel Hill and a J.D. from Stanford Law School. (Original Source)
Shares of Medivation closed today at $131.63, up $0.42 or 0.32%. MDVN has a 1-year high of $141.58 and a 1-year low of $68.55. The stock’s 50-day moving average is $127.25 and its 200-day moving average is $116.44.
On the ratings front, Medivation has been the subject of a number of recent research reports. In a report issued on May 8, Maxim Group analyst Jason Kolbert reiterated a Buy rating on MDVN, with a price target of $155, which represents a potential upside of 18.5% from where the stock is currently trading. Separately, on the same day, Leerink Swann’s Howard Liang maintained a Buy rating on the stock and has a price target of $128.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Howard Liang have a total average return of 2.9% and 32.9% respectively. Kolbert has a success rate of 44.3% and is ranked #1151 out of 3610 analysts, while Liang has a success rate of 67.9% and is ranked #79.
Overall, 2 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $141.29 which is 8.0% above where the stock opened today.
Medivation Inc is a biopharmaceutical company engaged in the development of novel small molecule drugs to treat diseases like Alzheimer’s disease and Huntington disease.