Goldman Comments on Dendreon's (DNDN) Near-Term Catalysts, Things Look Positive
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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
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Goldman Sachs is reiterating its Buy rating and $50 price target on shares of Dendreon (NASDAQ: DNDN) ahead of two key catalysts.
The two catalysts include the final CMS National Coverage Determination for Provenge and the PDUFA for the Los Angeles manufacturing facility. The firm believes that the outcome for both will be positive for the company. As a result, investors confidence in the company's ability to deliver should increase.
The firm notes that a lack in manufacturing capacity and reimbursement has been a major constraint for Provenge since it was approved. If the company is able to overcome these, Provenge will be able to meet demand and allow other to see the drugs potential.
Goldman expects CMS will uphold its draft decision and reimburse Provenge in accordance with the FDA label.
An analyst at Goldman comments, "We expect on time approval as DNDN thus far has delivered its manufacturing timelines. There is another facility in Atlanta that is expected to be approved on August 28. For DNDN to meet its full year guidance of $350- $400 million, it needs to have either LA or Atlanta on line."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $40.47 yesterday.
The two catalysts include the final CMS National Coverage Determination for Provenge and the PDUFA for the Los Angeles manufacturing facility. The firm believes that the outcome for both will be positive for the company. As a result, investors confidence in the company's ability to deliver should increase.
The firm notes that a lack in manufacturing capacity and reimbursement has been a major constraint for Provenge since it was approved. If the company is able to overcome these, Provenge will be able to meet demand and allow other to see the drugs potential.
Goldman expects CMS will uphold its draft decision and reimburse Provenge in accordance with the FDA label.
An analyst at Goldman comments, "We expect on time approval as DNDN thus far has delivered its manufacturing timelines. There is another facility in Atlanta that is expected to be approved on August 28. For DNDN to meet its full year guidance of $350- $400 million, it needs to have either LA or Atlanta on line."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $40.47 yesterday.
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