Jefferies Starts Dendreon (DNDN) at Underperform, Nektar (NKTR) at Buy

Jefferies' Biren Amin initiated coverage on two Biotech stocks Tuesday afternoon:

• Nektar Pharma (Nasdaq: NKTR) with a Buy rating and a $9.50 price target
  
• Dendreon (Nasdaq: DNDN) with an Underperform rating and a $5 price target.

With Nektar shares closing down 1.3 percent to $6.61 on Tuesday, Amin's new target implies potential upside of about 44 percent. The closing price of $7.70 on shares of Dendreon suggests potential downside of about 35 percent.

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