ThinkEquity Starts Dendreon (DNDN) at Buy, Sets $50 Price Target

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An analyst at ThinkEquity initiated coverage on shares of Dendreon (NASDAQ: DNDN) with a Buy rating and a $50 price target Friday morning.

The new bullish rating follows news Thursday that J&J (NYSE: JNJ) received FDA clearance for its Zytiga.

Dendreon shares are up 0.7 percent to $42.58 Friday. ThinkEquity's new price target implies potential upside of about 17 percent.

For more ratings news on Dendreon click here and for the rating history of Dendreon click here.

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