Roth Reiterates 'Sell' Rating, $1 PT on Dendreon (DNDN) Following Q1 Report; Totality of Risks Remain High

Roth Capital affirms its Sell rating and $1 price target on Dendreon (Nasdaq: DNDN) following Q1 results.

Analyst Joseph Pantginis commented, Dendreon announced 1Q14 results posting EPS of ($0.24) compared with our estimate of ($0.35) and the consensus of ($0.28). Provenge revenue came in at $68.8 million compared with our estimate of $74.2 million and consensus of $69.2 million. The company continues to highlight competitive pressures from Zytiga and Xtandi. Face value commentary regarding Europe revolves around the goal of having the first commercial patient treated in 4Q14.

The totality to the risks being faced by the company remain prohibitive. We do not recommend holding the shares in hopes of a turnaround in the next 12-24 months, Pantginis noted.

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 $2.08 yesterday.

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