Dendreon (DNDN) Insiders Unload Shares After Positive Trial Results
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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