Citi Cuts Dendreon (DNDN) Price Target to $10 Amid 'Significant Threats to Provenge'
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Price: $3.91 --0%
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Trade DNDN Now!
Shares of Dendreon (Nasdaq: DNDN) are moving higher Thursday morning despite some concerning comments and a reduced price target from Citi's Yaron Werber.
The analyst now sees Dendreon shares rising to $10 over the next year, down from a previous target of $14. Werber sees "significant threats to Provenge" from Johnson & Johnson's (NYSE: JNJ) Zytiga and Medivation's (Nasdaq: MDVN) MDV3100. He said oral drugs may prove to offer a longer overall survival benefit, in addition to being cheaper.
Werber is currently modeling for J&J's Zytiga to be approved for pre-chemo patients in 2013. The analyst expects Medivation's product to be cleared in 2014.
The Citi analyst maintains a Neutral rating on Dendreon shares.
With the stock last trading up 0.5 percent to $9.48, Citi's new target implies potential upside of about 5 percent.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Dendreon.
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The analyst now sees Dendreon shares rising to $10 over the next year, down from a previous target of $14. Werber sees "significant threats to Provenge" from Johnson & Johnson's (NYSE: JNJ) Zytiga and Medivation's (Nasdaq: MDVN) MDV3100. He said oral drugs may prove to offer a longer overall survival benefit, in addition to being cheaper.
Werber is currently modeling for J&J's Zytiga to be approved for pre-chemo patients in 2013. The analyst expects Medivation's product to be cleared in 2014.
The Citi analyst maintains a Neutral rating on Dendreon shares.
With the stock last trading up 0.5 percent to $9.48, Citi's new target implies potential upside of about 5 percent.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Dendreon.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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