Rising biotech star Medivation started losing altitude in after-hours trading Thursday after its Q1 report missed estimates, in a day when several high-rated drug stocks reported. Medivation’s (MDVN) earnings excluding one-time items totaled 17 cents a share, reversing a year-earlier loss but missing analysts’ consensus by 10 cents, according to Thomson Reuters. Revenue climbed 48% to $129.2 million, about $20 million short of consensus.
Top-rated biotech Medivation (MDVN) reported another round of successful trial results for its prostate-cancer drug Xtandi Thursday, giving the stock a brief bump in early trading. Medivation and its partner Astellas said that a midstage trial comparing Xtandi head-to-head with bicalutamide, better known as AstraZeneca’s (AZN) Casodex, showed a considerable survival benefit for the former in castration-resistant prostate cancer. The median
Medivation (MDVN) stock was up early Thursday on the company’s better-than-expected fourth-quarter earnings, as the biotech benefited from strong sales of its Xtandi prostate cancer drug. Reporting after Wednesday’s close, Medivation posted Q4 earnings of $1.96 a share, up from just 3 cents in Q4 2013 and well above consensus analyst estimates of $1.34. Revenue nearly tripled to $274.7 million, also above views. The San Francisco-based company