Baird Reiterates a 'Neutral' on Dendreon (DNDN); Behind Strong Pre-Release: New Med/Onc Survey a Mixed Bag for Provenge

Baird reiterates a 'Neutral' on Dendreon (NASDAQ: DNDN) price target of $10.00.

Baird analyst says, "With the backdrop of yesterday's pre-release highlighting 25% Q-Q Provenge growth, our latest oncologist survey (fielded November) provides a look behind the numbers, highlighting what we continue to see as mixed demand signals. Recall, we have been concerned that longer-term demand and competitive dynamics may continue to be a challenge and despite the upside to consensus, this feedback does little to change our minds."

"We continue to think yesterday's 40% move was more short-covering than anything else and thus would not chase it here."

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 $10.62 yesterday.

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