Goldman Sachs Downgrades Dendreon (DNDN) to Neutral

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Goldman Sachs downgraded Dendreon (NASDAQ: DNDN) from Buy to Neutral with a price target of $11 (down from $14).

The firm said after the Q3 call, they realize monetizing the Provenge opportunity will take longer than they expected. Provenge sales of $61.4 million were below their expectations of $65 million, and management guided to modest growth in Q4. In addition, the firm notes the fixed cost base is higher than their expectations and unlikely to be leveraged until sales accelerate.

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

Shares of Dendreon closed at $10.46 yesterday, with a 52 week range of $7.81-$43.96.

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