Downgrade Alert for Medivation (MDVN)
Medivation (NASDAQ:MDVN) was downgraded from Buy to Neutral at SunTrust today. The stock closed yesterday at $80.42 on volume of 46.9 million shares, above average daily volume of 4.9 million.
Over the past year, Medivation has traded in a range of $26.41 to $70.79 and closed yesterday at $80.42, 205% above that low. The 200-day and 50-day moving averages have moved 0.12% higher and 4.93% higher over the past week, respectively.
Medivation Inc. acquires, develops, and sells or partners biomedical technologies in the early development stage of the research and development process.
Medivation (NASDAQ:MDVN) defies analysts with a current price ($80.42) 25.2% above its average consensus price target of $60.15. The stock should discover initial support at its 50-day moving average (MA) of $44.77 and subsequent support at its 200-day MA of $43.26.
SmarTrend recommended that subscribers consider buying shares of Medivation on July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.61. Since that recommendation, shares of Medivation have risen 7.3%. We continue to monitor MDVN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades Medivation