A Bear Enters Dendreon's (DNDN) Den
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Price: $0.13 --0%
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Shares of Dendreon Corp (Nasdaq: DNDN) are lower Monday after a rare bearish call on the stock this morning.
Credit Suisse initiated coverage on the developer of cancer treatments with an Underperform rating and $29 price target, suggesting 33 percent downside from Friday's close. The firm said Provenge expectations are set up to disappoint investors.
This is the lone legitimate "Sell" rating on the Street. 16 others rate Dendreon a "Buy" and 4 a "Hold."
Analyst L. Kalowski said, "We see near-term upside to the Provenge launch (and DNDN stock) as manufacturing rolls out (due to high unmet medical need, the U.S. physician reimbursement at average sales price plus+6%, and low out-of-pocket expenses for most), but we believe in the longer term (especially 2013+) that Provenge's commercial potential will not live up to the Street's expectations."
Kalowski sees peak worldwide Provenge sales of $1.3 billion in 2018, well below the market consensus of $3 billion. The firm sees a greater competitive impact from new agents, especially abiraterone.
Shares of Dendreon are down 1.4 percent to $42.83 in mid-day trade Monday.
Credit Suisse initiated coverage on the developer of cancer treatments with an Underperform rating and $29 price target, suggesting 33 percent downside from Friday's close. The firm said Provenge expectations are set up to disappoint investors.
This is the lone legitimate "Sell" rating on the Street. 16 others rate Dendreon a "Buy" and 4 a "Hold."
Analyst L. Kalowski said, "We see near-term upside to the Provenge launch (and DNDN stock) as manufacturing rolls out (due to high unmet medical need, the U.S. physician reimbursement at average sales price plus+6%, and low out-of-pocket expenses for most), but we believe in the longer term (especially 2013+) that Provenge's commercial potential will not live up to the Street's expectations."
Kalowski sees peak worldwide Provenge sales of $1.3 billion in 2018, well below the market consensus of $3 billion. The firm sees a greater competitive impact from new agents, especially abiraterone.
Shares of Dendreon are down 1.4 percent to $42.83 in mid-day trade Monday.
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