Investing

Medivation Jumps on Prostate Cancer Drug Test (MDVN, DNDN, JNJ)

Shares of development-stage drug maker Medivation Inc. have risen sharply today as the company said that its MDV3100 late-stage prostate cancer drug for patients who have failed chemotherapy extends life expectancy by 4.8 months. The drug does not challenge Dendreon Inc.’s (NASDAQ: DNDN) Provenge prostate cancer treatment, which attacks early-stage prostate cancer, but will compete with Johnson & Johnson’s (NYSE: JNJ) Zytiga late-stage drug.

Medivation’s shares are up nearly 24% at $68.59 after posting a new 52-week high of $68.81 earlier. See today’s story on Dendreon and Provenge here.