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Leerink Swann Downgrades Dendreon (DNDN) to Market Perform; Modest Growth and Building Competition Becomes Concerning

May 8, 2012 8:33 AM EDT Send to a Friend
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Price: $1.36 --0%

Rating Summary:
    3 Buy, 18 Hold, 12 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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Leerink Swann downgraded Dendreon (NASDAQ: DNDN) from Outperform to Market Perform with a price target of $13.00.

Analyst, Howard Liang, said, "Yesterday after the market close, DNDN reported 1Q:12 Provenge sales of $82M (+$5M q/q; or +6.5%), ahead of our and consensus estimates of $79.9M and $81.2M, respectively. However, management indicated that there was a similar end-of-quarter surge in 1Q as in 4Q, and April is down from March. The company guided to low-single-digit sequential growth for 2Q, which would imply a q/q increment of less than $4M. Given the current trajectory of two consecutive quarters of sequential growth that appears less than $5M, we find upside from our current valuation of $13 difficult to justify."

Leerink lowers FY12 loss from (1.99) to (2.45) and FY13 from (1.05) to (1.57)

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 $11.69 yesterday.




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