Medivation Inc (NASDAQ:MDVN) and Astellas Pharma announced plans to commence a Phase III clinical trial to investigate the use of enzalutamide for the treatment of triple-negative breast cancer (TNBC). The ENDEAR (A Phase III, Randomized, International Study Comparing the Efficacy and Safety of ENzalutamiDe in Combination With PaclitaxEl Chemotherapy or as Monotherapy Versus Placebo With Paclitaxel in Patients With Advanced, Diagnostic-Positive, Triple-Negative BReast Cancer) trial will evaluate the efficacy and safety of enzalutamide in combination with paclitaxel chemotherapy or as monotherapy versus placebo with paclitaxel in patients with locally advanced or metastatic TNBC whose tumors test positive for a novel gene expression profile, which is referred to as diagnostic-positive TNBC. The trial, which will be led by Medivation, is expected to begin patient enrollment in the fourth quarter of 2016.
In the United States, breast cancer is one of the most commonly diagnosed cancers and the second leading cause of cancer deaths in women. According to the American Cancer Society, approximately 246,000 new cases of breast cancer will be diagnosed in women and 40,000 women will die of breast cancer in 2016.1 Approximately 15-20 percent of breast cancers are triple negative or basal-like, the subtype that the ENDEAR trial will study.2Patients with TNBC have a poor prognosis3 and there are currently no therapies specifically approved to treat this patient population.
“Our initiation of this trial represents our commitment to explore the potential of enzalutamide in patients with advanced TNBC,” said Mohammad Hirmand, M.D., interim chief medical officer, Medivation.
“The initiation of the ENDEAR trial reflects our ongoing commitment to investigate the full clinical utility of enzalutamide,” said Claire Thom, Pharm D., senior vice president and oncology therapeutic area head, Astellas.(Original Source)
Shares of Medivation closed yesterday at $61.14, up $0.68 or 1.12%. MDVN has a 1-year high of $62.94 and a 1-year low of $26.41. The stock’s 50-day moving average is $57.58 and its 200-day moving average is $43.96.
On the ratings front, Medivation has been the subject of a number of recent research reports. In a report issued on May 23, Credit Suisse analyst Kennen MacKay reiterated a Buy rating on MDVN, with a price target of $63, which represents a slight upside potential from current levels. Separately, on May 9, Barclays’ Geoff Meacham reiterated a Buy rating on the stock and has a price target of $70.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kennen MacKay and Geoff Meacham have a total average return of 14.8% and 16.6% respectively. MacKay has a success rate of 83.3% and is ranked #263 out of 3896 analysts, while Meacham has a success rate of 61.4% and is ranked #238.
The street is mostly Bullish on MDVN stock. Out of 17 analysts who cover the stock, 11 suggest a Buy rating and 6 recommend to Hold the stock. The 12-month average price target assigned to the stock is $57.10, which represents a potential downside of 6.6% from where the stock is currently trading.
Medivation, Inc. is a biopharmaceutical company, which is focused on the rapid development and commercialization of novel therapies to treat serious diseases for which there are limited treatment options.