Deutsche Bank Reiterates a 'Buy' on Dendreon (DNDN); CMS Less Restrictive on Off-Label Use

Deutsche Bank reiterates a 'Buy' on Dendreon (NASDAQ: DNDN), PT $54.

Deutsche analyst says, "CMS language is less restrictive on off-label use of Provenge...Although less restrictive - CMS can pull the plug if off-label use is great...Why is CMS doing this? It appears that CMS is being less restrictive because it is awaiting results of ongoing trials that are evaluating Provenge in earlier settings of prostate cancer. If these trials are successful, it does not want to have to revise a restrictive NCD. Hence, by using less restrictive language now, it will not need to revise if positive data emerges. Revising an NCD can be a long process and would restrict physicians from using Provenge in earlier settings of prostate cancer during the revision process."

For more ratings news on Dendreon click here and for the rating history of Dendreon click here.

Shares of Dendreon closed at $35.54 yesterday.

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