Needham & Company Maintains a 'Buy' on Dendreon (DNDN); ASCO Mtg Presentations Highlight PROVENGE Clinical Benefits Beyond Overall Survival

Needham & Company maintains a 'Buy' on Dendreon (NASDAQ: DNDN), PT $62.

Needham analyst says, "At the 2011 ASCO Annual Meeting, Dendreon and investigators presented additional analyses of the data from PROVENGE trials in patients with metastatic CRPC as well as clinical trial plans for potential label expansion of PROVENGE. Highlights of the presentations included: 1) PROVENGE effect on pain: Pooled data analyses of patients with asymptomatic CRPC from three randomized trials suggest that PROVENGE treatment may delay the time to disease-related pain (HR=0.84), a clinical relevant endpoint; 2) PROVENGE effect on QoL: data from a Phase 3 study of PROVENGE in men with PSA progression after radical prostatectomy showed that PROVENGE treatment does not affect the patient’s quality of life, a distinct feature of immunotherapy versus traditional therapy; 3) Planned trials for PROVENGE and DN24-02: multiple planned trials were described, including a Phase 3 ACTION trial that will evaluate PROVENGE in an earlier stage of disease (metastatic, androgen-dependent prostate cancer), a Phase 2 trial to explore the effect of treatment sequencing of PROVENGE with ADT, and a RCT Phase 2 to evaluate DN24-02, a cellular therapy targeting HER2/Neu, in urothelial cancer. We believe the data presentations suggest additional clinical benefits of PROVENGE beyond demonstrated overall survival benefit."

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

Shares of Dendreon closed at $40.18 yesterday.

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