Wachovia Starts Dendreon (DNDN) at Market Perform

October 10, 2007 6:20 PM EDT

Wachovia initiates coverage on Dendreon Corp. (Nasdaq: DNDN) with a Market Perform rating and $7-$8 valuation ragne. The firm notes the fate of the company rests on future IMPACT results.

The firm said, "Prior to and following an Approvable Letter from the FDA for Provenge, Dendreon's prostate cancer vaccine has gained significant market support and interest as evidenced by a trading volume greater than Microsoft on given days. We expect that this support will continue, stabilizing shares of Dendreon as we await Phase III IMPACT trial data. However, we caution investors that efficacy is suspect due to a series of confounding issues brought to light during the U.S. Food and Drug Administration (FDA) review of the Biologics License Application (BLA) for Provenge (sipuleucel-T); thus, the FDA's request for a confirmatory trial to substantiate survival claims. Full approval would be predicated on positive data, either from the interim or full analysis, from IMPACT which are expected to emerge in H2:2008E and 2010E, respectively."

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