Medivation, Inc. (NASDAQ: MDVN)
Medivation, Inc. (MDVN), a biopharmaceutical company yesterday announced that they have entered into several confidentiality agreements with companies interested in making takeover bids.
Medivation, Inc. CEO’s Comments
Kim Blickenstaff, Chairman of Medivation’s Board of Directors, said, “Medivation has significant scarcity value as one of the only profitable, commercial-stage oncology companies, and management has been successfully executing a strategy that is generating outstanding returns for our stockholders. At the same time, our Board remains committed to objectively considering all avenues that may enhance our ability to deliver superior value. Our decision to enter into these agreements is consistent with our focus on stockholder interests, and will allow interested parties to fully understand the significant value of our XTANDI franchise and the enormous potential of our pipeline, including talazoparib, our promising, potential best-in-class PARP inhibitor.” Business Wire
MDVN Technical Analysis
MDVN opened trading yesterday at $59.86 which was down from the previous days trading of $60.12. MDVN closed trading yesterday at $61.76 and spiked up after market to $62.50, equivalent to a 1% increase from the closing price. Taking a look at the daily chart we can see the last time MDVN traded above these levels was on May 9th when it traded at $62.54. Taking a closer look at the daily chart we can see that MDVN has been on an overall upward trend dating back to February 9th when it traded at its 52 week low price of $26.41. MDVN has a float of 162.52 million shares and traded 1.78 times the normal daily trading volume on Tuesday. For trading purposes, I would like to see MDVN open trading on Wednesday above $62.25 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Medivation, Inc., a biopharmaceutical company, focuses on the development and commercialization of medical therapies to treat serious diseases in the United States. It offers XTANDI for the treatment of post-chemotherapy metastatic castration-resistant prostate cancer (CRPC) patients. The company also develops Enzalutamide, which is in phase III clinical trials for the treatment of non-metastatic CRPC, and metastatic and non-metastatic hormone sensitive prostate cancer; and phase II clinical trials for the treatment of hepatocellular carcinoma, androgen receptor positive (AR+) triple negative breast cancer, estrogen receptor positive or progesterone receptor positive and human epidermal growth factor receptor 2 (HER2) normal breast cancer, and AR+ HER2 amplified breast cancer. In addition, it develops Talazoparib, which is in phase II clinical trials for treatment of germline mutated HER2 normal breast cancer; Pidilizumab that is in phase II clinical trials for the treatment of relapsed or refractory diffuse large B-cell lymphoma; and MDV4463, which is in phase I clinical trials for the treatment of nonalcoholic steatohepatitis. The company has collaboration agreement with Astellas Pharma, Inc. for the development, manufacture, and commercialization of XTANDI; and License and Manufacturing and supply agreement with CureTech, Ltd. for the development, manufacture, and commercialization of biologic molecules. Medivation, Inc. is headquartered in San Francisco, California. Yahoo Finance
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