Bearish Dendreon (DNDN) Analyst Throws In The Towel, Upgrades to Hold

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DNDN Hot Sheet

Rating Summary:
3 Buy, 18 Hold, 7 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

The bearish Dendreon (Nasdaq: DNDN) analyst at Brean Murray is throwing in the towel and turning slightly more bullish. The firm upgraded the stock from Sell to Hold, following this week's positive PROVENGE data. The firm said management's bullish account of the data, despite the absence of any data presentation, will likely be justified by the data to come at the AUA conference on April 28.

Commenting, the firm said, "We find it increasingly difficult to believe that management would be that positive in a public forum, and therefore risk certain prosecution, by underdelivering at AUA due to their analyses being less than prospectively defined. We believe that Dendreon shares have an equal chance of rising or trading sideways, but we no longer see much risk of shares trading sharply lower upon presentation of the data. We also believe that there is far too much popular support for Provenge for the FDA to easily reneg on its SPA and the promise of approval should IMPACT succeed, as prospectively defined. Given the earlier results, we cannot explain how IMPACT succeeded, but we know that it does not matter as long as success was measured in a prospectively defined manner."

Shares of Dendreon zoomed on Tuesday on the positive PROVENGE news.

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