UPDATE: Jefferies Starts Dendreon (DNDN) at Underperform, Sees 35% Downside

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Jefferies initiates coverage on Dendreon Corp. (Nasdaq: DNDN) with an Underperform rating and $5 price target, suggesting 35% downside.

The firm comments, "Our analysis and survey results show Provenge to be relegated to a niche position by competition in a lucrative market with anemic sales. Near-term volatility is expected with limited sales visibility on current commercialization snags. Despite mid-term profitability, DNDN’s potentially meager cash flows are accompanied by debt overhang. Initiate with an Underperform and $5 PT."

For an analyst ratings summary and ratings history on Dendreon Corp. click here. For more ratings news on Dendreon Corp. click here.

Shares of Dendreon Corp. closed at $7.70 yesterday, with a 52 week range of $6.46-$42.87.

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