Canaccord Genuity Reiterates a 'Buy' on Dendreon (DNDN); Buying On Weakness
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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 reiterates a 'Buy' on Dendreon (NASDAQ: DNDN) price target of $14.00.
Analyst, George Farmer, said, "We would be buyers on weakness following notice of positive results from a second Phase III trial evaluating JNJ’s CRPC drug, Zytiga (abiraterone)."
"We believe DNDN shares could remain under pressure into the June data presentation. Nevertheless, we continue to see more upside than downside from current trading levels on our view of $1B peak Provenge sales achievable in 2021, supported by our assessment of broad awareness and desire to prescribe Provenge among physicians and an improving reimbursement environment. We see an attractive entry point given consensus 2012 EV/sales est. of 3.7x compared to the group of 6.1x."
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 $10.12 yesterday.
Analyst, George Farmer, said, "We would be buyers on weakness following notice of positive results from a second Phase III trial evaluating JNJ’s CRPC drug, Zytiga (abiraterone)."
"We believe DNDN shares could remain under pressure into the June data presentation. Nevertheless, we continue to see more upside than downside from current trading levels on our view of $1B peak Provenge sales achievable in 2021, supported by our assessment of broad awareness and desire to prescribe Provenge among physicians and an improving reimbursement environment. We see an attractive entry point given consensus 2012 EV/sales est. of 3.7x compared to the group of 6.1x."
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 $10.12 yesterday.
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