Hapoalim Securities Reiterates Hold On Medivation (MDVN)

Hapoalim Securities is lowering its earnings estimates and reiterating its Hold rating on shares of Medivation MDVN after the company is set to release results of its prostate cancer drug. In the report Hapoalim Securities notes, "Medivation expects to release top-line data from the Phase 3 HORIZON trial, evaluating dimebon's potential benefits in 403 patients with Huntington disease, in 1H11. Based on dimebon’s lack of efficacy in Alzheimer’s, we remain skeptical that the drug will be able to show efficacy in either Huntington’s or future Alzheimer’s trials. The next MDV3100 data for prostate cancer is not expected until later in 2011, so for the near-term, we see no compelling catalysts to drive MDVN shares. We reiterate our HOLD rating." Shares of Medivation, Inc. closed at $9.53 yesterday.