Canaccord Genuity Cuts Price Target on Dendreon (DNDN) After Q4, But Keeps Buy Rating
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Price: $0.13 --0%
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
2 Buy, 15 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Canaccord Genuity cuts its price target on Dendreon (NASDAQ: DNDN) from $14 to $18 after Q4 results, but kept its Buy rating.
Analyst George Farmer comments, ". . . sales appear to be driven more by sign-up of new accounts rather than "same-store sales," indicating that urologist ‘cost density’ [doctors unwilling to pay for a treatment before getting reimbursed by insurance companies] concerns persist. We lower our 2012/13 Provenge sales estimates to $361M/$444M from $458M/$600M."
He added, "We view management’s hesitancy to provide clarity beyond Q1 as a negative signal and contradictory to the broad awareness and high desire to prescribe Provenge that we had sensed at the recent ASCO-GU [American Society of Clinical Oncology-Genitourinary Cancers Symposium] conference."
He however, kept his BUY rating on the company, stating, "We believe reimbursement challenges should really be behind the company by now, and that sales should ultimately be driven by Provenge positioning as sole approved therapy within a prostate cancer treatment continuum niche."
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 $11.81 yesterday.
Analyst George Farmer comments, ". . . sales appear to be driven more by sign-up of new accounts rather than "same-store sales," indicating that urologist ‘cost density’ [doctors unwilling to pay for a treatment before getting reimbursed by insurance companies] concerns persist. We lower our 2012/13 Provenge sales estimates to $361M/$444M from $458M/$600M."
He added, "We view management’s hesitancy to provide clarity beyond Q1 as a negative signal and contradictory to the broad awareness and high desire to prescribe Provenge that we had sensed at the recent ASCO-GU [American Society of Clinical Oncology-Genitourinary Cancers Symposium] conference."
He however, kept his BUY rating on the company, stating, "We believe reimbursement challenges should really be behind the company by now, and that sales should ultimately be driven by Provenge positioning as sole approved therapy within a prostate cancer treatment continuum niche."
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 $11.81 yesterday.
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