Baird Reiterates an 'Outperform' on Dendreon (DNDN); Q111 Slight Miss, but Q211 Tracking Well

Baird reiterates an 'Outperform' on Dendreon (NASDAQ: DNDN), PT $56.

Baird analyst says, "Remain buyers after a largely in-line Q111. With bear cases falling one by one this year, we continue to view this name as undervalued, considering the sizeable commercial potential of Provenge. Regulatory and commercial milestones are on track and we continue to fully expect DNDN to exit 2011 on an $800M/year revenue run-rate. Continue to recommend purchase in front of a steep anticipated ramp."

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

Shares of Dendreon closed at $42.81 yesterday.

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