Needham & Company Reiterates a 'Buy' on Dendreon (DNDN); Three Events Help Facilitate the One Goal of Increasing PROVENGE Sales
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Price: $0.13 --0%
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
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Needham & Company reiterates a 'Buy' on Dendreon (NASDAQ: DNDN), PT $62.
Needham analyst says, "In order for Dendreon to meet its guidance of $350-400MM in PROVENGE sales in 2011, product availability and straightforward reimbursement represent two important ingredients. Events over the past two days, including the FDA approval of the manufacturing Los Angeles facility as well as the final Medicare NCD to support reimbursement for on-label PROVENGE use and issuance of the product specific Q-code, may help Dendreon to achieve its goal. These events, although well expected, increase our confidence in the management’s ability to execute on its strategy."
"In the near-term, we believe the Company is well on track to meet or beat its 2011 revenue guidance, as the Company opens up more clinical infusion centers to meet the demand for PROVENGE. In the long-term, we believe PROVENGE may become the foundation of care for men with mCRPC. We believe that the recent and expected availability of more treatment options in mCRPC may not be direct competitors to PROVENGE, but rather represent complementary and additive care strategies. We believe the Company’s active immunotherapy platform, with a second product DN24-02 in development for bladder cancer, will drive the Company growth over the longterm."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $39.44 yesterday.
Needham analyst says, "In order for Dendreon to meet its guidance of $350-400MM in PROVENGE sales in 2011, product availability and straightforward reimbursement represent two important ingredients. Events over the past two days, including the FDA approval of the manufacturing Los Angeles facility as well as the final Medicare NCD to support reimbursement for on-label PROVENGE use and issuance of the product specific Q-code, may help Dendreon to achieve its goal. These events, although well expected, increase our confidence in the management’s ability to execute on its strategy."
"In the near-term, we believe the Company is well on track to meet or beat its 2011 revenue guidance, as the Company opens up more clinical infusion centers to meet the demand for PROVENGE. In the long-term, we believe PROVENGE may become the foundation of care for men with mCRPC. We believe that the recent and expected availability of more treatment options in mCRPC may not be direct competitors to PROVENGE, but rather represent complementary and additive care strategies. We believe the Company’s active immunotherapy platform, with a second product DN24-02 in development for bladder cancer, will drive the Company growth over the longterm."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $39.44 yesterday.
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