Cantor Fitzgerald Maintains a 'Hold' on Dendreon (DNDN); Understanding Where A Catalyst For Valuation Expansion Will Come From

March 9, 2012 8:59 AM EST Send to a Friend
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Price: $0.13 --0%

Rating Summary:
    3 Buy, 19 Hold, 11 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Cantor Fitzgerald maintains a 'Hold' on Dendreon (NASDAQ: DNDN) price target lowered from $14 to $12.

Analyst, Mara Goldstein, said, "Provenge's struggle to find a place in the treatment arsenal for prostate cancer may get harder as Zytiga, an anti-androgen, reported that its trial in asymptomatic or mildly symptomatic patients with metastatic castrate resistant prostate cancer (HRPC) who have not received chemotherapy met the criteria for early stopping in a large-scale clinical trial in this setting. This patient population is competitive to Provenge's."

"With shares trading off heavily, the key question is in understanding where a catalyst for valuation expansion will come from. And while we can make the case that the shares are not unreasonably valued at 2.5x cash and 3.3x 2013 revenue, we have less conviction as to where and when such a catalyst will emerge." (Cantor lowers FY13 loss from (1.15) to (1.76) and FY13 revs from $538m to $466.3m)

For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.

Shares of Dendreon closed at $10.12 yesterday.


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