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Collins Stewart Maintains a 'Neutral' on Dendreon (DNDN); Takeaways from Marketing with Management

October 7, 2011 7:06 AM EDT
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Price: $0.13 --0%

Rating Summary:
    2 Buy, 15 Hold, 9 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 8 | New: 10
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Collins Stewart maintains a 'Neutral' on Dendreon (NASDAQ: DNDN) price target of $15.00.

Collins analyst says, "On Wednesday, we hosted a marketing day in NY with DNDN's CFO, Greg Schiffman and IR, Nicole Soley. September Provenge gross revenue is required to be ~$24.5M (includes ~4% discount due to 340B) in order to meet 3Q11 consensus of $63M (net revenue; $252M annual run rate), which we believe is likely achievable given it suggests 11.4% MoM growth (below prior MoM growth of 15.8%) and that early-September order growth surpassed the prior 2 months. 4Q11, while demonstrating growth, will likely be affected by the November/December holiday season. We are encouraged by the revised marketing strategy for urologists (educate on buy-and-bill, infusions, early-scanning and overall survival) vs. oncologists, given the longer window for Provenge eligibility and limited competition from Zytiga in this setting."

For more ratings news on Dendreon click here and for the rating history of Dendreon click here.

Shares of Dendreon closed at $9.27 yesterday.


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