EU Approval a 'Clear Positive' for Dendreon (DNDN) - Needham & Company

September 17, 2013 2:43 PM EDT
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Price: $0.13 --0%

Rating Summary:
    3 Buy, 19 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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Needham & Company Chad Messer reiterated a Buy rating and $7 price target on Dendreon (NASDAQ: DNDN) following news the European Commission has granted final approval for sale of Provenge in all 28 EU countries plus Norway, Iceland, and Liechtenstein.

"Given Dendreon's urgent need to grow revenues, this is a clear positive," Messer commented. "That said, we do expect it to take a number of quarters to see meaningful European sales. In the meantime, we await an update on cost cutting measures. We maintain our BUY rating as we continue to believe clinical data support wider and earlier use of Provenge and that earlier disease detection should favor greater Provenge utilization."

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 $2.98 yesterday.

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