Baird Maintains a 'Neutral' on Dendreon (DNDN); Victrelis Transaction Decreases Likelihood of Another Capital Raise
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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).
Baird analyst says, "Remain Neutral-rated on DNDN shares after the company announced it will sell its royalty interest in Victrelis for $125M. Investors seemed somewhat split as to the need for an additional pre-profitability capital raise; we had assumed one in 2013. Transaction removes $10-15M/year in revenue, lowering EPS but removal of financing overhang more than offsets this in our view. However, with Provenge's true trajectory still far from known, we remain on the sidelines."
"The net effect to our numbers is a slight degradation to both revenue and EPS. We now model EPS of ($2.22), ($1.70), ($0.61) and $0.28; down from ($2.13), ($1.52), ($0.48) and $0.37 in 2012-2015, respectively."
For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.
Shares of Dendreon closed at $8.80 yesterday.
Baird analyst says, "Remain Neutral-rated on DNDN shares after the company announced it will sell its royalty interest in Victrelis for $125M. Investors seemed somewhat split as to the need for an additional pre-profitability capital raise; we had assumed one in 2013. Transaction removes $10-15M/year in revenue, lowering EPS but removal of financing overhang more than offsets this in our view. However, with Provenge's true trajectory still far from known, we remain on the sidelines."
"The net effect to our numbers is a slight degradation to both revenue and EPS. We now model EPS of ($2.22), ($1.70), ($0.61) and $0.28; down from ($2.13), ($1.52), ($0.48) and $0.37 in 2012-2015, respectively."
For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.
Shares of Dendreon closed at $8.80 yesterday.
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