Dendreon (DNDN) Takes a Downer as ZYTIGA Makes News

June 15, 2012 9:57 AM EDT
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After a speculation-fueled run-up so far this week, Dendreon Corp. (Nasdaq: DNDN) is weaker Friday as news on competing drug ZYTIGA takes the spotlight.

Today, Johnson & Johnson's (NYSE: JNJ) Janssen-Cilag unit announced that it submitted a type II variation to the European Medicines Agency (EMA) for ZYTIGA. In addition, they submitted a supplemental New Drug Application (sNDA) to the U.S. FDA.

Shares of DNDN are down 1 percent early Friday, but still up 19 percent on the week. Most of the upside can be attributed to unconfirmed takeover speculation and a new Buy rating.

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