Dendreon (DNDN) Ignores Broader Market Pressure, Continues Upward Trend
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Dendreon Corp. (Nasdaq: DNDN) is eschewing broader segment moves Monday as shares continue on their run higher following a drop on quarterly results issued July 30th. The stock has closed higher nine of the last 11 sessions.
Along with Q2 numbers, Dendreon announced cost cutting plans, where by 600 positions would be eliminated.
Last week, takeover chatter powered shares higher. Additionally, about 27 percent of Dendreon's outstanding shares are being held short (40.87 million), meaning a little squeeze above $5 could be happening.
The stock is up 6 percent in afternoon trading. Despite the rise, shares are about 16 percent below the $6.25 it dropped from on July 30th.
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Along with Q2 numbers, Dendreon announced cost cutting plans, where by 600 positions would be eliminated.
Last week, takeover chatter powered shares higher. Additionally, about 27 percent of Dendreon's outstanding shares are being held short (40.87 million), meaning a little squeeze above $5 could be happening.
The stock is up 6 percent in afternoon trading. Despite the rise, shares are about 16 percent below the $6.25 it dropped from on July 30th.
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*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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