Health and Healthcare
Analysts Adjust Predictions on Medivation Buyout Price
Published:
Last Updated:
One time when missing earnings estimates doesn’t matter much is when there is bidding war for the company. That’s the position that Medivation Inc. (NASDAQ: MDVN) found itself in after reported a substantial earnings miss after markets closed last Thursday.
The company reported adjusted earnings per share of $0.11, less than half the consensus estimate of $0.23. Shares rose anyway, up 1.3% by Friday’s close at $60.
Medivation has rejected as “opportunistic” a buyout offer valued at around $9.3 billion from Sanofi (NYSE: SNY). That was $52.50 per share, but that almost certainly won’t be enough. Big pharma guns including Pfizer Inc. (NYSE: PFE) and Amgen Inc. (NASDAQ: AMGN) have also been mentioned as possible bidders. and Medivation may be worth as much as $70 a share to some of Sanofi’s potential challengers.
Medivation stock closed at $60.00 on Friday, up 1.3% for the day, in a 52-week range of $26.41 to $66.40. The consensus price target is $60.17, although many of these changes may not be included yet. The high target is $76 and the low target is $39.
You can retire early from the lottery, luck, or loving family member who leaves you a fortune.
But for the rest of us, there are dividends. While everyone chases big name dividend kings, they’re missing the real royalty: dividend legends.
It’s a rare class of overlooked income machines that you could buy and hold – forever.
Click here now to see two that could help you retire early, without any luck required.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.