Brean Murray Carret & Co. Downgrades Dendreon (DNDN) from Buy to Sell; Slashes PT

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Brean Murray Carret & Co. downgraded Dendreon (NASDAQ: DNDN) from Buy to Sell, price target lowered from $60 to $6.

Brean analyst says, "With such lackluster performance (vs. the expectations set by mgmt), we do not see how Provenge is going to fare any better with the looming competition coming from other agents soon to compete in the pre-chemo market, not the least of which is Zytiga, which in the post-chemo market managed to sell about $60 million in the first 2 months."

For more ratings news on Dendreon click here and for the rating history of Dendreon click here.

Shares of Dendreon closed at $35.84 yesterday, with a 52 week range of $31.31-$43.96.

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