Dendreon (DNDN) Competition Shadow Looms Larger After ASCO - Jefferies

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Jefferies reiterated their Underperform rating and $5 price target on Dendreon (NASDAQ: DNDN) following strong data from competitors at ASCO.

The firm comments, "Provenge’s outlook takes another severe hit from Zytiga’s striking ~9-mo OS benefit over a higher placebo hurdle in the 302 trial for pre-chemo mCRPC. Given we believe MDV3100 could also match/beat Zytiga on OS, Provenge’s eventual relegation to a niche spot in an otherwise lucrative mkt is looking even likelier."

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 $6.76 yesterday, with a 52 week range of $6.46-$42.06.

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