UPDATE: Maxim Group Downgrades Dendreon (DNDN) to Hold

Maxim Group downgraded Dendreon (NASDAQ: DNDN) from Buy to Hold with a price target of $1.00 (from $4.00).

Analyst Jason Kolbert said, "As time marches forward we believe both, that the competitive landscape is becoming more difficult and that going forward we will see new technologies (immune based competitive therapies) that have the potential to obsolete Provenge. As such, we feel the probability that Dendreon can be acquired is falling. As a result we cannot support a buy rating based on our current estimates or the probability of a buyer emerging."

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 $2.41 yesterday.

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