Maxim Starts Dendreon (DNDN) at Sell, Sets $5 Price Target

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An analyst at Maxim Group initiated coverage on shares of Dendreon (NASDAQ: DNDN) with a Sell rating and $5 price target Friday morning.

The call to sell shares comes despite a 35 percent decline in Dendreon shares since the company reported better-than-expected Q1 results on the evening of May 7th. The stock tumbled about 25 percent on May 8th, but more downside was seen amid recent concerns related to an open SEC investigation and also worries J&J's Zytiga is superior to Provenge. Dendreon shares fell another 11 percent on Thursday amid these two fears.

With Dendreon shares down 0.65 percent to $7.60 in pre-open action Friday, Maxim's new price target implies further downside of about 34 percent.

For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.

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