Canaccord Genuity Maintains a 'Hold' on Dendreon (DNDN); Cutting Estimates After Q1 Results
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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 'Hold' on Dendreon (NASDAQ: DNDN) price target of $11.00.
Analyst, Salveen Richter, said, "DNDN reported Q1/12 Provenge net revenue of $82.0M (vs. consensus of $81.2M and CGe of $80.0M). Yet, management provided Q2/12 Provenge guidance of low-single-digit QoQ growth for the second time this year (notwithstanding Q1 vs. Q4 growth of +6.5%, or +13.4% when accounting for ~$2.5M in revenue accelerated into December from January) due to uncertainty on whether the March uptick (similar to December) is replicable, on the potential for a negative impact on infusions during AUA and ASCO as physicians are out of office, and general lumpiness in trends. Management also reiterated modest QoQ growth for H2/12. As a result, we are lowering our FY12 Provenge revenue estimate to $360.6M from $370.6M (vs. consensus of $378.3M). While Provenge continues to demonstrate modest growth, limited visibility on an improvement in same-store sales and
competitive dynamics keep us on the sidelines." (Canaccord lowers FY12 loss from (2.32) to (2.51))
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 $11.69 yesterday.
Analyst, Salveen Richter, said, "DNDN reported Q1/12 Provenge net revenue of $82.0M (vs. consensus of $81.2M and CGe of $80.0M). Yet, management provided Q2/12 Provenge guidance of low-single-digit QoQ growth for the second time this year (notwithstanding Q1 vs. Q4 growth of +6.5%, or +13.4% when accounting for ~$2.5M in revenue accelerated into December from January) due to uncertainty on whether the March uptick (similar to December) is replicable, on the potential for a negative impact on infusions during AUA and ASCO as physicians are out of office, and general lumpiness in trends. Management also reiterated modest QoQ growth for H2/12. As a result, we are lowering our FY12 Provenge revenue estimate to $360.6M from $370.6M (vs. consensus of $378.3M). While Provenge continues to demonstrate modest growth, limited visibility on an improvement in same-store sales and
competitive dynamics keep us on the sidelines." (Canaccord lowers FY12 loss from (2.32) to (2.51))
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 $11.69 yesterday.
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