Collins Stewart Maintains a 'Hold' on Dendreon (DNDN); Adjusting Estimates & PT

Collins Stewart maintains a 'Hold' on Dendreon (NASDAQ: DNDN) price target lowered from $19 to $15.

Collins analyst says, "We are increasing our 3Q11 GAAP OpEx to $123.8M (vs. $120.8M prev) due to a $5M restructuring non-cash stock expense (partially offset by SG&A savings). With restructuring expected to save ~$120M/yr (~50% COGS, ~50% SG&A) and DNDN to partner E.U. manufacturing, we are reducing our OpEx to $81.4M (vs. $109.7M prev) in 4Q11 and beyond and adjusting our GAAP EPS estimates to $(0.39) (vs. $(0.59) prev) in 4Q11 and beyond."

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

Shares of Dendreon closed at $10.88 yesterday.

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