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The results were in a study for Huntington's disease. The drug is also being tested for Alzheimer's disease.
"Since Huntington's disease is an orphan indication, Dimebon could be commercialized as an orphan drug commanding premium pricing," Rodman wrote. "The strategy uses Huntington's as the pricing benchmark to maximize the potential revenue from the drug in both Huntington's and Alzheimer's. The compound's excellent safety profile could prove a sizable competitive advantage."
Rodman has a $24 price target on the pharmaceutical company.
On Monday after the bell, Medivation said the drug showed "significantly" improved cognitive function in patients with mild-to-moderate Huntington's disease in the study.
Other brokerage firms weren't as bullish on Medivation. Brean Murray Carret "strongly" reiterated its sell rating, saying the data "was not positive despite [the] company spin."
Brean Murray said the data was measured by the Mini-Mental State Examination scale, not the United Huntington's Disease Rating Scale (UHDRS).
"We view the data as clearly negative because the trial failed two of the three efficacy endpoints, most importantly the UHDRS, which is the most balanced and reliable endpoint for Huntington's."
Shares of Medivation rose 1.7% to $12.27 on Tuesday. Ryan Vlastelica rv/tk1
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