CORRECTION - Citadel Securities Initiates Coverage on Dendreon (DNDN) to Neutral; PROVENGE Market Overestimated
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Price: $0.13 --0%
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
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Citadel Securities initiates coverage on Dendreon (NASDAQ: DNDN) to Neutral with a price target of $10.00.
Citadel analyst says, "In our view, revenue expectations for Dendreon's PROVENGE drug are widely overestimated. We acknowledge that PROVENGE is a new form of treatment for metastatic castrate-resistant prostate cancer and therefore may garner some attention, but we believe revenue and market estimates are too high. We believe the actual addressable market for PROVENGE is roughly 17,000–35,000 patients, much lower than the 100,000 patients cited by the company. We estimate peak sales of $580MM in 2015 vs. consensus of $1.1B, and 2011 revenues of $169MM vs. consensus of $233MM."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $12.56 yesterday.
Citadel analyst says, "In our view, revenue expectations for Dendreon's PROVENGE drug are widely overestimated. We acknowledge that PROVENGE is a new form of treatment for metastatic castrate-resistant prostate cancer and therefore may garner some attention, but we believe revenue and market estimates are too high. We believe the actual addressable market for PROVENGE is roughly 17,000–35,000 patients, much lower than the 100,000 patients cited by the company. We estimate peak sales of $580MM in 2015 vs. consensus of $1.1B, and 2011 revenues of $169MM vs. consensus of $233MM."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $12.56 yesterday.
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