Hapoalim Securities Adjusts Medivation Estimates

Medivation, Inc. (NASDAQ: MDVN) expects to release top-line data from the Phase 3 HORIZON trial, evaluating dimebon's potential benefits in 403 patients with Huntington disease, in 1H11, Hapoalim Securities reports.

“Based on dimebon's lack of efficacy in Alzheimer's, we remain skeptical that the drug will be able to show efficacy in either Huntington's or future Alzheimer's trials,” Hapoalim Securities writes. “The next MDV3100 data for prostate cancer is not expected until later in 2011, so for the near-term, we see no compelling catalysts to drive MDVN shares. We reiterate our HOLD rating.”

Based on slightly lower-than-expected operating costs in the quarter, Hapoalim Securities is lowering its 2010-2014 operating cost estimates, which increases its 2010-2014 EPS estimates.

“Our new 2010-2014 EPS estimates are $(1.11), $(0.64), $(0.79), $(0.62) and $(0.61) from $(1.14), $(0.96), $(0.95), $(0.74) and $(0.74), respectively,” Hapoalim Securities writes.

Medivation currently trades at $11.96.