Canaccord Genuity Maintains a 'Buy' on Dendreon (DNDN); Raising Numbers After Q4 Provenge Sales Beat
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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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Canaccord Genuity maintains a 'Buy' on Dendreon (NASDAQ: DNDN) price target raised from $13 to $16.
Canaccord analyst, George Farmer, said, "DNDN reported Q4 gross Provenge sales of $82M or about $77M net after an estimated 6% adjustment. This comes ahead of our $71.7M estimate, in line with consensus, representing 26% Q3/Q4 sales growth vs. our 17% estimate."
"Two consecutive quarters of mid-20% q/q growth implies >$500M of 2012 Provenge sales could be achieved if maintained. Remaining more conservative, we assume 10%-15% q/q growth in 2012 and increase our 2012 Provenge sales estimate to $426M from $331M. Our 2019 $1.1B peak sales estimate remains unchanged...Our 2011 and 2012 LPS estimates improve to ($2.31) and ($1.43) from ($3.13) and ($1.47), respectively. We model for close to break-even cash flows on $522M in Provenge sales in 2013."
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.
Canaccord analyst, George Farmer, said, "DNDN reported Q4 gross Provenge sales of $82M or about $77M net after an estimated 6% adjustment. This comes ahead of our $71.7M estimate, in line with consensus, representing 26% Q3/Q4 sales growth vs. our 17% estimate."
"Two consecutive quarters of mid-20% q/q growth implies >$500M of 2012 Provenge sales could be achieved if maintained. Remaining more conservative, we assume 10%-15% q/q growth in 2012 and increase our 2012 Provenge sales estimate to $426M from $331M. Our 2019 $1.1B peak sales estimate remains unchanged...Our 2011 and 2012 LPS estimates improve to ($2.31) and ($1.43) from ($3.13) and ($1.47), respectively. We model for close to break-even cash flows on $522M in Provenge sales in 2013."
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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