Needham Upgrades Dendreon (DNDN) To Buy, With 'Street High' $38 Price Target

Needham upgraded Dendreon (Nasdaq: DNDN) from Hold to Buy and raised its price target to a 'Street High' $38 per share, following positive PROVENGE IMPACT trial results.

Needham said after reviewing the full dataset for the IMPACT trial, it was as good as (and in some ways better than) the results outlined by management earlier in April. The firm also said its view on PROVENGE commercialization is now enhanced, after speeking with IMPACT investigators and thought leaders at the AUA Meeting.

The firm believes the data are robust and support a strong regulatory package submission to the FDA towards YE09 and a potential launch in mid-2010.

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