Baird Downgrades Dendreon (DNDN) to Neutral; Too Many Unanswered Questions

Baird downgraded Dendreon (NASDAQ: DNDN) to Neutral, price target cut to $20.00.

Baird analyst says, "Stepping to the sidelines on what we can only describe as a shocking about-face both in management tone and in quantitative launch metrics. Despite many meaningfully positive developments taking place in the last quarter (CMS' NCD, Q-code, capacity expansion) management now highlights significant headwinds that hadn't been seen or discussed just weeks ago. We still believe in Provenge long term, but shorter term, prefer to watch the real trajectory materialize from the sidelines...As such, lowering Provenge estimates to $233M, $446M, $637M and $959M for 2011-2014, respectively."

For more ratings news on Dendreon click here and for the rating history of Dendreon click here.

Shares of Dendreon closed at $35.84 yesterday.

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