Baird Maintains a 'Neutral' on Dendreon (DNDN); Provenge Woes Continue, Lowering Estimates and PT
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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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Baird maintains a 'Neutral' on Dendreon (NASDAQ: DNDN) price target cut to $10.00.
Baird analyst said, "Giving our Provenge estimates another substantial haircut following a disappointing Q311 miss and downbeat commentary on near/intermediate-term revenue growth trends - despite continued progress bringing online new accounts. With shares off sharply in after-hours trading, we think this action appropriately reflects our latest expectations reset. In that this stock will hinge on upside/downside to revenue expectations going forward, we remain on the sidelines until we see evidence that a Provenge inflection point can be realized."
"Lowering numbers, again. New Provenge revenue estimates are $355M, $475M and $686M for FY12-FY14, respectively."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $10.46 yesterday.
Baird analyst said, "Giving our Provenge estimates another substantial haircut following a disappointing Q311 miss and downbeat commentary on near/intermediate-term revenue growth trends - despite continued progress bringing online new accounts. With shares off sharply in after-hours trading, we think this action appropriately reflects our latest expectations reset. In that this stock will hinge on upside/downside to revenue expectations going forward, we remain on the sidelines until we see evidence that a Provenge inflection point can be realized."
"Lowering numbers, again. New Provenge revenue estimates are $355M, $475M and $686M for FY12-FY14, respectively."
For more ratings news on Dendreon click here and for the rating history of Dendreon click here.
Shares of Dendreon closed at $10.46 yesterday.
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