Medivation completes two-for-one stock split
SAN FRANCISCO (AP) — Medivation Inc.'s stock split has gone into effect, which could help make the shares more attractive to investors.
The San Francisco drugmaker said in late August it would conduct the two-for-one split, with stock owners as of Sept. 7 receiving one additional share for each share they own.
Splitting the stock means each share will have a lower price, which could lure investors. The value of each existing shareholder's stake does not change.
Shares closed Friday, before the split, at $105.09. They have more than doubled this year. The company's prostate cancer pill, Xtandi, was approved earlier this month by the Food and Drug Administration.