Morgan Joseph Starts Dendreon (DNDN) at Hold, Waiting for Better Entry Point
DNDN Hot Sheet
Rating Summary:3 Buy, 18 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38
Morgan Joseph initiates coverage on Dendreon Corporation (Nasdaq: DNDN) with a Hold rating. The firm said there is high probability of approval for Provenge, but they are waiting for a better entry point.
The firm notes, "Since metastatic prostate cancer remains a large underserved market with limited options once patients fail hormone therapy, we believe long-term growth and ex-US partnership prospects for Dendreon are strong. We expect worldwide Provenge sales to cross $1.0 billion in 2014."
The firm said Dendreon's current market valuation of $25.49 is "unattractive" with the stock trading close to the firm's intrinsic value estimate of $26. They believe that growth investors will get an opportunity to invest in Dendreon at a better valuation.
The firm notes, "Since metastatic prostate cancer remains a large underserved market with limited options once patients fail hormone therapy, we believe long-term growth and ex-US partnership prospects for Dendreon are strong. We expect worldwide Provenge sales to cross $1.0 billion in 2014."
The firm said Dendreon's current market valuation of $25.49 is "unattractive" with the stock trading close to the firm's intrinsic value estimate of $26. They believe that growth investors will get an opportunity to invest in Dendreon at a better valuation.
You May Also Be Interested In
- UPDATE: Jefferies Starts Dendreon (DNDN) at Underperform, Sees 35% Downside
- ThinkEquity Starts Pericom Semiconductor (PSEM) at Buy
- UPDATE: Oppenheimer Starts Jazz Pharmaceuticals (JAZZ) at Outperform
Create E-mail Alert Related Categories
New CoverageRelated Entities
Morgan JosephSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
