Goldman Sachs Starts Dendreon (DNDN) at Buy, Sees 22% Upside
Tweet
Share
E-mail
Get Alerts DNDN Hot Sheet
Price: $0.13 --0%
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Goldman Sachs initiates coverage on Dendreon (NASDAQ: DNDN) with a Buy rating and $50 price target, suggesting 22% upside.
Despite skepticism, the firm has high conviction that Provenge is a $2 billion+ drug as it only needs to penetrate 1/3 of patients to achieve this goal. A focus on 2011 estiamtes has overshadowed the drug’s potential value creation, the firm also said.
Upcoming catalysts include: (1) quarterly uptake of Provenge—focus is on 4Q guidance of nearly $200 mn, a high bar; (2) manufacturing milestones—June 28th PDUFA for LA facility and Aug-Sep PDUFA for the Atlanta facility; (3) CMS National Coverage Decision on June 30th and (4) Year-end 2011/early 2012 filing for Provenge MAA in the EU.
Goldman also sees the company as a attractive M&A candidate, given it owns 100% of the rights of Provenge.
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $41.00 yesterday.
Despite skepticism, the firm has high conviction that Provenge is a $2 billion+ drug as it only needs to penetrate 1/3 of patients to achieve this goal. A focus on 2011 estiamtes has overshadowed the drug’s potential value creation, the firm also said.
Upcoming catalysts include: (1) quarterly uptake of Provenge—focus is on 4Q guidance of nearly $200 mn, a high bar; (2) manufacturing milestones—June 28th PDUFA for LA facility and Aug-Sep PDUFA for the Atlanta facility; (3) CMS National Coverage Decision on June 30th and (4) Year-end 2011/early 2012 filing for Provenge MAA in the EU.
Goldman also sees the company as a attractive M&A candidate, given it owns 100% of the rights of Provenge.
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $41.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Raymond James Starts SpyGlass Pharma (SGP) at Outperform
- RBC Capital Starts Krystal Biotech (KRYS) at Outperform
- SK bioscience files RSV antibody trial application in South Africa
Create E-mail Alert Related Categories
FDA, Hot New Coverage, New CoverageRelated Entities
Goldman SachsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
