(MDVN) Medivation downgraded

Medivation downgraded to Hold at Roth Capital; tgt lowered to $10 . Roth Capital downgrades MDVN to Hold from Buy and lowers their tgt to $10 from $34 after results of the 598 patient CONNECTION study of Dimebon to treat mild-to-moderate Alzheimer's disease did not meet its primary endpoints. Specifically, there was not a statistically significant difference between the drug and placebo on either the ADAS-COG or CIBIC scales. The firm's take is that today's result decreases the drug's probability of success.The firm notes that their odds of success of Dimebon reaching the market were 65%. However, based on this information, they now decrease this to 30%.