Shares of Dendreon (DNDN) Higher Again; Several Firms Out With Mixed Comments

Shares of Dendreon (Nasdaq: DNDN) jumped 40% Thursday following an update on PROVENGE sales and commercialization. The company sees gross product revenue of approximately $82 million which represents approximately 25% growth over Q3, and approximately 230% growth year-over-year. In addition, Dendreon reported full-year gross revenues from PROVENGE (sipuleucel-T) sales of approximately $228 million.

Several firms have made comments including Summer Street's Ling Wang, who sees a minimal impact from other upcoming therapies, and thinks the strong PROVENGE revenue growth will become more of a trend rather than a one-time pop.

Canaccord Genuity, currently rateing DNDN a 'Buy', this morning raised the stock's price target from $13 to $16 as well as earnings/revenue estimates.

Baird reiterated a 'Neutral' rating, saying Thursday's run-up was mostly short-covering. The firm said not to chase at current levels.

On the far other side of the trade, Brean Murray maintained its 'Sell' rating on shares of DNDN and kept a $6 price target. Baird's analyst said the run-up was overdone and to be cautious of competition or other risks.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Bernstein SocGen on Meta Platforms Inc. (META): 'Risk-reward remains attractive'
• Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results