Medivation, Inc. (NASDAQ: MDVN) is today’s darling in biotech and emerging pharmaceuticals. It and partner Astellas in Japan showed very positive data on its prostate cancer drug candidate.
Its shares are up more than 100% after clinical data on its prostate cancer drug candidate showed to be so effective. Medivation has even halted the clinical trial so that it can give the medicine to all participants.
The MDV3100 tial was in the final development stage for potential U.S. FDA marketing approval. The interim data indicated that patients lived an average of 4.8 months longer than those on a placebo.
That is going to only be added pressure for Dendreon Corporation (NASDAQ: DNDN). Its stock was down on its own earnings and disappointing Provenge sales figures. With the potential added competition on top of bad results, Dendreon’s stock is off by 35% to $6.77 and shares put in a new 52-week low of $6.56 this morning.
Medivation is up 113% at $35.10 and we are already more than ten-times normal trading volume.
JON C. OGG
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