Deutsche Bank Downgrades Dendreon (DNDN) to Hold; Sidelined as Gap in Sales Force to Delay Provenge Growth
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Price: $4.01 +1.01%
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade DNDN Now!
Deutsche Bank downgraded Dendreon (NASDAQ: DNDN) from Buy to Hold with a new price target of $7.00.
Deutsche analyst said, "We are lowering our Provenge peak sales to $600M and downgrading to Hold as we do not see reason to accumulate shares in the near term due to sales force disruption. If the sales force stabilizes, we may revisit our view."
Other highlighted points: 1) Q2:12 sales vacancies are concerning – Do not see Provenge acceleration w/out united sales force – Mgmt needs to execute; 2) Q2 results & restructuring were not too far from expectations; and 3) Worst case sensitivities suggest fair value of $3 w/ $350M sales & 1 plant.
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 $6.18 yesterday, with a 52 week range of $5.69-$37.72.
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Deutsche analyst said, "We are lowering our Provenge peak sales to $600M and downgrading to Hold as we do not see reason to accumulate shares in the near term due to sales force disruption. If the sales force stabilizes, we may revisit our view."
Other highlighted points: 1) Q2:12 sales vacancies are concerning – Do not see Provenge acceleration w/out united sales force – Mgmt needs to execute; 2) Q2 results & restructuring were not too far from expectations; and 3) Worst case sensitivities suggest fair value of $3 w/ $350M sales & 1 plant.
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 $6.18 yesterday, with a 52 week range of $5.69-$37.72.
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