Deutsche Bank Says Dendreon (DNDN) CEO Departure a "Surprise," But New CEO Brings M&A History

Deutsche Bank offers some quick comments on Dendreon (NASDAQ: DNDN) following news CEO Gold is stepping down, being replaced by John Johnson.

The firm note that Gold is stepping down by "choice" with the company stating this was part of a succession plan that Gold started a while ago. Nonetheless it takes investors by surprise, they said.

On the new CEO Johnson, the firm highlights that he has a history of M&A. He successfully sold ImClone to Eli Lilly & attempted to sell Savient.

"M&A history of new CEO & a fresh perspective might benefit the company's near term strategy. We will have more opinion once we understand Johnson's strategy for the company."

The firm maintained their Buy rating and $20 price target on DNDN.

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 $13.58 yesterday.

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