Goldman Sachs Still Sees Potential with Dendreon (DNDN) Provenge, But Cuts Price Target

Goldman Sachs lowered its price target on Buy-rated Dendreon (NASDAQ: DNDN) from $19 to $14 following their proprietary research on Provenge.

The firm said Provenge demand clearly exists, but execution needs to step up.

The analyst states: "Key thought leaders view it as standard of care. 88% of surveyed physicians plan to use Provenge, expecting to use it in 22% of patients in the next 12 months. But significant challenges to broad adoption remain: Providers cite reimbursement, logistical challenges, and the need to embrace changes in treatment paradigm."

Goldman said with proper execution, Provenge could be a +$1 billion drug. They alos see the company as a potential M&A target.

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

Shares of Dendreon closed at $9.00 yesterday.

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