Morgan Joseph Starts Dendreon (DNDN) at Hold, Waiting for Better Entry Point
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Morgan Joseph initiates coverage on Dendreon Corporation (Nasdaq: DNDN) with a Hold rating. The firm said there is high probability of approval for Provenge, but they are waiting for a better entry point.
The firm notes, "Since metastatic prostate cancer remains a large underserved market with limited options once patients fail hormone therapy, we believe long-term growth and ex-US partnership prospects for Dendreon are strong. We expect worldwide Provenge sales to cross $1.0 billion in 2014."
The firm said Dendreon's current market valuation of $25.49 is "unattractive" with the stock trading close to the firm's intrinsic value estimate of $26. They believe that growth investors will get an opportunity to invest in Dendreon at a better valuation.
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