In a research report published today, Wedbush analyst David Nierengarten reiterated an Outperfom rating on Medivation (NASDAQ:MDVN) with a $109 price target, ahead of the company’s earnings release.
Nierengarten noted, “We estimate Q3 revenue of $188M (incl. a $90M milestone for the pre-chemo label expansion) and EPS of $0.95, above $180M and $0.82 consensus, respectively. We are projecting $167M in US Xtandi sales in Q3, or ~15% q/q growth, similar to the growth seen in Q2/Q1. We believe we will begin seeing greater adoption by urologists, and expect that growth to continue following the September approval in the US for Xtandi in the pre-chemo setting.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Nierengarten has a total average return of 5.2% and a 36.4% success rate. Nierengarten has a 11.7% average return when recommending MDVN, and is ranked #867 out of 3348 analysts.
