Brean Murray Carret & Co. Maintains a 'Sell' on Dendreon (DNDN); Beats 4Q11 Revenue For Sure, But Competitive Landscape Should Change
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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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Brean Murray Carret & Co. maintains a 'Sell' on Dendreon (NASDAQ: DNDN) price target of $6.00.
Brean analyst says, "...With gross to net expected to be about 6%, we expect net revenue for 4Q11 to be about $77 million and believe that the stock has overreacted to this announcement, especially given mgmt's continued expectations of modest sequential growth in 2012. This result was clearly viewed as a positive for DNDN, given the stock reaction that we view as way overdone, but we emphasize the competition to come from Zytiga once clinically successful and approved in the pre-chemo setting, as well as from MDV3100 off-label starting late 2012...We also have not seen the COGS generated for 4Q11, which have been a negative surprise in most of the recent qtrs, thereby adding risk to the full qrtly disclosure after today's volatility."
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 $7.60 yesterday.
Brean analyst says, "...With gross to net expected to be about 6%, we expect net revenue for 4Q11 to be about $77 million and believe that the stock has overreacted to this announcement, especially given mgmt's continued expectations of modest sequential growth in 2012. This result was clearly viewed as a positive for DNDN, given the stock reaction that we view as way overdone, but we emphasize the competition to come from Zytiga once clinically successful and approved in the pre-chemo setting, as well as from MDV3100 off-label starting late 2012...We also have not seen the COGS generated for 4Q11, which have been a negative surprise in most of the recent qtrs, thereby adding risk to the full qrtly disclosure after today's volatility."
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 $7.60 yesterday.
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