Brean Murray Reiterates Sell Rating On MDVN

Brean Murray, Carret & Co. is reiterating its Sell rating on shares of Medivation, Inc. (NASDAQ: MDVN).

“Medivation reported revenue of $16.6 million and EPS of ($0.11), neither of which is all that meaningful at Medivation's present stage,” Brean Murray, Carret & Co. writes. “The revenue constitutes the amortization of upfront payments made by Pfizer and Astellas, as per the collaboration agreements, and are being recognized on a straight-line basis until 2Q13 and 4Q14, respectively.”

Medivation closed Wednesday at $16.25.