Bearish Analyst Comments on Dendreon (DNDN)

February 25, 2013 2:05 PM EST
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Price: $0.13 --0%

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    3 Buy, 19 Hold, 11 Sell

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Analysts at Brean Capital are negative on pharmaceutical company Dendreon Corp. (NASDAQ: DNDN) and today maintained a Sell rating on the stock with a price target of $2. Overall, analysts said they simply can't see how Dendreon can break even and they also expect the EMA to reject prostate cancer drug Provenge.

"Revenues from academic accounts declined 9% QoQ. We attribute this decline to academics as physicians that perhaps think a little bit more about the attributes of a drug before using it, rather than thinking about a 6% profit, and thus with Provenge's arguably questionable path to approval, these physicians clearly disfavor it," said analyst Jonathan Aschoff.

Brean Capital has a Sell rating on Dendreon price target of $2.00.

For an analyst ratings summary and ratings history on Dendreon (NASDAQ: DNDN) click here. For more ratings news on Dendreon click here.

Shares of Dendreon closed at $5.67 yesterday.

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