PNC Financial Services Group Inc. raised its stake in Medivation Inc. (NASDAQ:MDVN) by 252.6% during the second quarter, Holdings Channel reports. The firm owned 3,597 shares of the biopharmaceutical company’s stock after buying an additional 2,577 shares during the period. PNC Financial Services Group Inc.’s holdings in Medivation were worth $217,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of MDVN. Aperio Group LLC increased its position in Medivation by 60.4% in the first quarter. Aperio Group LLC now owns 39,435 shares of the biopharmaceutical company’s stock valued at $1,813,000 after buying an additional 14,855 shares during the period. Virginia Retirement System acquired a new position in Medivation during the first quarter valued at approximately $1,032,000. Teachers Advisors Inc. increased its position in Medivation by 22.9% in the first quarter. Teachers Advisors Inc. now owns 163,297 shares of the biopharmaceutical company’s stock valued at $7,508,000 after buying an additional 30,481 shares during the period. Franklin Resources Inc. increased its position in Medivation by 1.3% in the first quarter. Franklin Resources Inc. now owns 1,952,808 shares of the biopharmaceutical company’s stock valued at $89,790,000 after buying an additional 24,200 shares during the period. Finally, BlackRock Group LTD increased its position in Medivation by 0.6% in the first quarter. BlackRock Group LTD now owns 1,286,697 shares of the biopharmaceutical company’s stock valued at $59,164,000 after buying an additional 8,138 shares during the period. Institutional investors and hedge funds own 87.55% of the company’s stock.
Shares of Medivation Inc. (NASDAQ:MDVN) remained flat at $81.44 on Tuesday. The company’s 50 day moving average is $77.41 and its 200-day moving average is $61.39. Medivation Inc. has a 12-month low of $26.41 and a 12-month high of $81.48.
Medivation (NASDAQ:MDVN) last announced its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The company earned $206 million during the quarter, compared to analyst estimates of $214.52 million. Medivation had a negative net margin of 17.24% and a positive return on equity of 17.57%. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the business earned $0.58 EPS. Equities research analysts anticipate that Medivation Inc. will post $1.27 EPS for the current fiscal year.
MDVN has been the subject of several research reports. Vetr upgraded shares of Medivation from a “buy” rating to a “strong-buy” rating and set a $69.72 price target for the company in a research note on Monday, June 6th. Credit Suisse Group AG restated a “buy” rating on shares of Medivation in a research note on Wednesday, June 8th. Barclays PLC restated an “overweight” rating and issued a $70.00 price target on shares of Medivation in a research note on Thursday, June 16th. Citigroup Inc. restated a “buy” rating on shares of Medivation in a research note on Sunday, June 26th. Finally, Leerink Swann reiterated a “hold” rating on shares of Medivation in a research note on Thursday, June 30th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $73.80.
Medivation Company Profile
Medivation, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapies to treat serious diseases for which there are limited treatment options. The Company, in collaboration with Astellas Pharma, Inc (Astellas), has one commercial product, XTANDI (enzalutamide) capsules (XTANDI).
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