UPDATE: Barclays Capital Initiates Coverage On Medivation On Multiple Upside Drivers

In a report published Tuesday, Barclays Capital analyst Geoffrey Meacham initiated coverage on Medivation Inc (NASDAQ: MDVN) with an Overweight rating and $130.00 price target.

In the report, Barclays Capital noted, “Medivation's Xtandi is now set to have broader reach in prostate cancer with a pre-chemo label and a focus on the much larger urologist prescriber base. As a result, we're ~10% ahead of consensus on total revenues in 2015. In addition, phase 2 data in 1H15 in two trials (STRIVE, TERRAIN) should further differentiate Xtandi from JNJ's Zytiga and could drive off-label use earlier in the prostate cancer paradigm. With beatable expectations for Xtandi in the US/EU/JPN and expansion ahead in prostate/breast cancer, we think that Medivation's momentum last year will persist in 2015. We're initiating coverage with an Overweight rating and $130 target.”

Medivation closed on Monday at $100.02.