Dendreon (DNDN) Insiders Unload Shares After Positive Trial Results
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After the close Friday, a number of insiders at Dendreon (Nasdaq: DNDN) disclosed stock sales which follows the recent positive PROVENGE trial results showing that the drug significantly prolongs survival in men with prostate cancer.
Here is a list of insider sales, disclosed on Friday:
- VP Richard Hamm sold 20,000 shares on 4/29 at $24.03
- CFO Gregory Schiffman sold 90,000 shares on 4/29 at $23.26
- Director Blake Ingle sold 98,571 shares on 4/29 at $23.29-$24.31 after exercising options
Director Richard Brewer sold 104,171 shares on 4/29 at $24.28-$25.48 after exercising options
- CEO Mitchel Gold sold 600,000 shares on 4/29 at $24.92 after exercising options. * 41% of his holdings.
- Director Douglas Watson sold 99,400 shares on 4/29 at $23.34 after exercising options.
Last week, before the big flurry of selling, StreetInsider.com's President Lon Juricic commented about stock sales at Dendreon in Barron's. Basically Lon said the sales were not a concern. He said after years and years of drug developments he can't blame the insiders for taking some chips off the table at this point and getting a little reward. Lon said Friday's flurry of insider sales is a little more of a red flag, including the CEO selling 41% of his position, but notes the company delivered on a potential blockbuster drug that is sure to be approved by the FDA. Lon maintains the view that the insider sales should not be considered a sell signal.
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Comments
DNDN
Story not mentioned, insiders also purchased large quanitities of stock. Reference www.mffais.com to get the full picture. By the way, I'm long in this stock and took some profits too. Oulook for this company is amazing!
insider sells
I love the results of the drug and do believe this is a giant step forward in fighting cancer. As far as my opinion of the company and the flurry of inside sales...Not so much!
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Dendreon insider selling
christine on May 9, 2009 11:44 PMHow does it look to a potential investor when all the insiders are selling. This shows a vote of no confidence for the future of this company. They are selling massive amounts of shares, don't be fooled by the comment that they are taking chips off the table. If they thought the stock would rise over the next several months you better believe they would sell limited amounts.