Dendreon (DNDN) Gets Takeover Buzz and a New Bull
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The rumor mill has found Dendreon Corp. (Nasdaq: DNDN) again.
Shares of the embattled maker of cancer drug PROVENGE are jumping 7 percent Wednesday as traders snap-up the stock on renewed hopes for a buyout. Volume is on pace to be double the norm.
Dendreon newer CEO John Johnson has an M&A past, having successfully sold ImClone to Eli Lilly & attempted to sell Savient.
That being said, investors won't likely sell out for anything less than $20 per share. With shares in the toilet at $6-$7, this seems highly unlikely any time soon.
Also helping Dendreon today is a new Buy rating at Summer Street. The firm set an aggressive $18 price target, which suggests 166 percent upside from current levels.
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Shares of the embattled maker of cancer drug PROVENGE are jumping 7 percent Wednesday as traders snap-up the stock on renewed hopes for a buyout. Volume is on pace to be double the norm.
Dendreon newer CEO John Johnson has an M&A past, having successfully sold ImClone to Eli Lilly & attempted to sell Savient.
That being said, investors won't likely sell out for anything less than $20 per share. With shares in the toilet at $6-$7, this seems highly unlikely any time soon.
Also helping Dendreon today is a new Buy rating at Summer Street. The firm set an aggressive $18 price target, which suggests 166 percent upside from current levels.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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