Brean Murray Remains Unconvinced On Dendreon's (DNDN) PROVENGE Despite News and Share Surge
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Despite a press release from Dendreon Corporation (Nasdaq: DNDN) this morning announcing that PROVENGE significantly prolongs survival in men with advanced prostate cancer and the ensuing 170% upside in the stock, Brean Murray remains unconvinced. The firm released a note yesterday saying PROVENGE "will fail".
Brean Murray said they remain unconvinced until details are provided.
The analyst notes, "The overall alpha was 0.05, with a small amount of spend at interim, safety was consistent, and the crossover rate was about the same 75% as in the earlier trials. Dendreon addressed most of its CMC issues, but there is still no buy-in from the FDA yet on whether those CMC issues were sufficiently addressed. Today's press release contains even less data than the interim analysis release. There was no mention of hazard ratio or of the confidence interval. We note that the interim press release spoke primarily of the hazard ratio, but that the final analysis press release makes no mention of whether or not a hazard ratio of 0.78 or better was achieved. We expect Dendreon to file its BLA by 4Q09 and receive an FDA response six months later."
Brean Murray sticking with their Sell rating and $1 price target.
To see all the analyst calls on Dendreon today, visit our Analyst Ratings page.
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Comments
Ridiculous
Stick to your guns a-hole. Ijust sold my stock that you think is worth a dollar for $19. I think I'll go have a nice dinner tonight while this idiot analyst worries about whether he/she still has a job.
dndn
time for you to go out and get a drink on this one
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dendreon
timbo on Apr 27, 2009 07:46 PMIt looks to me like there is some action on this similar to 4-13. On that day it went from 6 to 7 with high volume. The next day it exploded up over 100%. Leaks were suspected and I suspect some people know the provenge data and are investing now before the official results tomorrow at 2:10 central time. I would not be surprised if this stock is 35 by Wednesday. It's getting $40 may 15th call action so there must be some believers.