Wedbush Reiterates an 'Underperform' on Dendreon (DNDN); New Treatments in Prostate Cancer Could Leave Provenge Behind
Tweet Send to a FriendGet Alerts DNDN Hot Sheet
Price: $3.95 --0%
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Trade DNDN Now!
Wedbush reiterates an 'Underperform' on Dendreon (NASDAQ: DNDN) price target of $4.00 (from $5.00).
Analyst, David M. Nierengarten, said, "Positive data from Zytiga’s ‘302 Phase III trial in pre-chemotherapy prostate cancer patients will reduce the available patient population for Dendreon’s Provenge, in our opinion. The full ‘302 dataset for Zytiga at ASCO on Saturday showed Zytiga-treated patients had a statistically significant improvement in progression-free survival (PFS), with a hazard ratio of 0.43 compared to placebo. Overall survival showed a trend (HR of 0.75 in the Zytiga group) that missed statistical significance (but could become significant with final data)."
"We are reducing our sales estimates for Provenge to $336.2M, $385.5M, $441.6M, and $489.9M for 2012-2015...We would caution investors who believe that DNDN could be a takeover target. In our view, an acquirer would be very unlikely to purchase a lowmargin product like Provenge in a rapidly evolving treatment paradigm."
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, David M. Nierengarten, said, "Positive data from Zytiga’s ‘302 Phase III trial in pre-chemotherapy prostate cancer patients will reduce the available patient population for Dendreon’s Provenge, in our opinion. The full ‘302 dataset for Zytiga at ASCO on Saturday showed Zytiga-treated patients had a statistically significant improvement in progression-free survival (PFS), with a hazard ratio of 0.43 compared to placebo. Overall survival showed a trend (HR of 0.75 in the Zytiga group) that missed statistical significance (but could become significant with final data)."
"We are reducing our sales estimates for Provenge to $336.2M, $385.5M, $441.6M, and $489.9M for 2012-2015...We would caution investors who believe that DNDN could be a takeover target. In our view, an acquirer would be very unlikely to purchase a lowmargin product like Provenge in a rapidly evolving treatment paradigm."
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- KeyBank Upgrades MDC Holdings (MDC); Cuts PulteGroup (PHM) & Ryland Group (RYL)
- The ExOne Company (XONE) Metal Opportunity to Keep Stock Going - FBR
- Wedbush Expects Positive Results from Insmed (INSM) ARIKAC Trial
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
