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…
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.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.