Medivation: Canaccord Genuity lowers Xtandi estimates
Canaccord Genuity is lowering their FY2016 US Xtandi estimates to $1.40B from $1.49B, below Medivation's guidance of $1.425-$1.525B and Bloomberg and FactSet consensus estimates of $1.43-1.44B based on a higher gross to net adjustment. They maintain their HOLD rating ($45 tgt) based on flattening near-term growth for Xtandi in the US, but with potential label expansion for Xtandi and positive data in breast cancer at YE16. They look forward to the release of Xtandi AR+ breast cancer data in TNBC and ER/PR+ BC at ASCO and/or SABCS, and potential label expansion in Q4.