logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Dendreon Priced To Go Out of Business

  +Follow August 23, 2013 4:12PM
Share:
Tickers Mentioned:

An analyst at Deutsche Bank downgraded Dendreon Corp. (DNDN) on Aug. 23, lowering the price target on the biotech company all the way to $1 a share. The bank noted that Dendreon has posted disappointing sales of their prostate cancer treatment drug Sipuleucel-T  (trade name Provenge) and is accumulating massive debt, and is in trouble of going under completely.

Duetsche's assessment of the Seattle, Wa.-based biotech was dire. In a note to investors, analyst Robyn Karnauskas wrote, “Per our calculations, even if there is drastic restructuring and significant cost cuts, spending may still outpace [revenue] growth in the near term. Consequentially, we believe that the terms of a debt refinancing may have a negative impact on equity holders.” The company downgraded Dendreon to “sell.” Deutsche had previously held a $6 price target for the stock.

Following Dendreon’s dismal second quarter earnings on Aug. 17, Wedbush Securities analyst David Nierengarten was even more pessimistic than Deutsche, and put his price target of the company at zero. That is, the only option for the troubled company is to file for bankruptcy.

Nierengarten said the company’s flagship product Provenge has always been doomed, as it is too expensive to produce and turn a profit, and thus Dendreon stands no chance of survival.

Dendreon was priced as high as $57.67 a share in April 2010 following the FDA approval of Provenge, and the stock hovered between $30 and $40 until Aug. 4, 2011. On that date the company abandoned its forecast for Provenge, and the stock fell 66 percent that day, and has continued plummeting since.

Dendreon dropped 9.72 percent on the poor analyst forecast to hit $2.88 a share, the lowest the stock has been in over four years.

(image courtesy of Flickr)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for dndn
John Smith
17 Dec 14 19:23:59
$slv surging. Something is up! #cash #stocks #investing #401k #cnbc #msnbc $ctic $dndn $bac #NYSE
John Smith
17 Dec 14 19:23:00
#Silver squeezing. Something is up!!. #cash #stocks #investing #401k #cnbc #msnbc $ctic $dndn $bac #NYSE
Greg David
17 Dec 14 18:33:28
I want to give http://t.co/m2LNLuLe8I a shout out. Banked 125% last week thanks to them. You guys rock! $XCO $NQ $COCO $DNDN
DailyStockPicks
17 Dec 14 14:09:58
$ECIG buyout target of $0.50. 400% upside. Positive EBITDA and $200MM revenue in 2015 $AGN $DNDN $RSP traders read: http://t.co/xi3978GuDs
DailyStockPicks
17 Dec 14 12:14:04
A #microcap #stock with 400% upside and a buyout target $FNMA $FMCC $BFRE $NVGN $DNDN $DRIV $WRES $PBR traders read: http://t.co/xi3978GuDs
Adam Feuerstein
17 Dec 14 09:24:45
@AlpineBV_Miller @dsobek @matthewherper How much did $NVS pay for the old $DNDN mfr plant?
John Smith
17 Dec 14 09:14:12
$ARIA surging on short squeeze. #cash #stocks #investing #401k #cnbc #msnbc $ctic $dndn $bac #NYSE
Matthew Herper
17 Dec 14 09:01:44
@dsobek @adamfeuerstein COGS high. Don't have good numbers. Margins might be better than $DNDN's. @AlpineBV_Miller, what say you on COGS?
Greg David
17 Dec 14 08:49:53
I want to give http://t.co/m2LNLuLe8I a shout out. Banked 125% last week thanks to them. You guys rock! $XCO $NQ $COCO $DNDN
John Smith
17 Dec 14 07:06:17
$IMUC surging!!!!!!!!!. #cash #stocks #investing #401k #cnbc #msnbc $ctic $dndn $bac #NYSE
John Smith
17 Dec 14 07:01:33
$ANIP surging! #cash #stocks #investing #401k #cnbc #msnbc $ctic $dndn $bac #NYSE
Michael Torres, PhD
17 Dec 14 05:50:43
@TyShrop Still can't figure out why there are new postings for immunotherapy sales specs at $DNDN here in Dallas area.
Dieter Hovekamp
17 Dec 14 03:38:56
$MDGEF #Medigene's 'now generation' DC vaccines vs $DNDN #Dendreon Provenge http://t.co/6nYHxdBRL0
Stock_Tracker
16 Dec 14 20:55:13
Dendreon Corp (DNDN) 0.13 $DNDN Where Are They Now? A Look Back at the Best & Worst Biotech CEOs at The Street http://t.co/DjhWQV13jb
Tyler Shropshire
16 Dec 14 13:09:02
Know many ex- $DNDN employees now at $JUNO --> lightning can strike twice, just don't ride this bolt into the ground. IPO now @ $21-$23.
Steven Mina
16 Dec 14 10:11:17
@bradloncar Unbelievable as well that David's boss Mitch Gold has never been prosecuted for all his inside information trades $dndn,
ProVesting
16 Dec 14 06:48:05
$DNDN: Stock Insights on Dendreon Corporation (NASDAQ:DNDN) http://t.co/sMNMJBWWWc http://t.co/x0EFoNo5mi
TickerChirp
16 Dec 14 04:21:16
Prevalent Tweets for $DNDN (Dendreon Corp symbol DNDN) on 12/16/2014 http://t.co/sfw6JJADv7
Steven Mina
15 Dec 14 21:55:38
@adamfeuerstein Only a total moron like M Gold @alpine_mitch could make decisions that directly take $dndn from FDA approval to BK in 4 yrs.
Steven Mina
15 Dec 14 21:53:53
@adamfeuerstein Only a total moron like M. Gold @alpine_mitch could make decisions that directly take $dndn from FDA approval to BK in 4 yrs
Subba Rayudu Bachina
15 Dec 14 09:32:14
$SPHS has arnd 6M in debt. Another share holder washout like $DNDN? No wonder CEO has sold his last company Corvas to $DNDN .
John Smith
14 Dec 14 18:08:24
$slv careful of this short raid. Remember what happened last time. #cash #stocks #investing #401k #cnbc #msnbc $ctic $dndn $bac #NYSE
Patriot Trading
14 Dec 14 17:00:17
@stock_coach LMAO. Some said I was foolish to sell $DNDN @ $50 from the $2's, but, like I've said, I only trust myself, and def. not you...
Juan Munevar
14 Dec 14 16:08:23
RT @chasingthealpha: So does $NVS buy $DNDN for the extra facilities for their CAR-T and take over Provenge?
valuetakes
13 Dec 14 12:51:24
U.S. Trustee's Objection to Dendreon Plan Support Agreement in Chapter 11 Case $DNDN http://t.co/YwZG9tFWFz #valueinvesting
Hot Stocks Daily
13 Dec 14 08:23:21
RT @FREESTOCKPICK: For the best stock alerts http://t.co/oBCZy1KuiT $DNDN $SIRI $BAXS $AMRN $CYTX $NEWL $WTSL $COCO $NSPH $PMCM $EHOS $ORO…
BioTurdCEO
12 Dec 14 14:17:30
$DNDN for the comeback. RT @MarkSchoenebaum What's your favorite stock for 2015 in biotech or Pharma?
Conf Call Tran
12 Dec 14 13:20:03
Dendreon: Notice Of Delisting Or Failure To Satisfy A Continued Listing Rule Or Standard; Transfer Of Listing $DNDN http://t.co/C87mUjx6su
Yu Zhu
12 Dec 14 12:35:56
RT @AndyBiotech: @adamfeuerstein Nice call on $AMGN outperforming the other big-cap biotech stocks… Also $BLUE vs $SGMO; $DNDN bankruptcy; …
Andy Biotech
12 Dec 14 12:28:53
@adamfeuerstein Nice call on $AMGN outperforming the other big-cap biotech stocks… Also $BLUE vs $SGMO; $DNDN bankruptcy; $VRTX 809 Ph3, etc
John Smith
12 Dec 14 12:04:33
$DVAX surging on upgrades?! #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
Greg David
12 Dec 14 11:16:18
I want to give http://t.co/m2LNLuLe8I a shout out. Banked 125% last week thanks to them. You guys rock! $XCO $NQ $COCO $DNDN
John Smith
12 Dec 14 11:14:58
$NBY SURGING!!!!!!!! #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
John Smith
12 Dec 14 11:08:13
$ONTY SURGING on positive breast cancer news! BUYOUT?! #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
John Smith
12 Dec 14 10:57:34
$ONTY SURGING on positive breast cancer news! BUYOUT? #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
John Smith
12 Dec 14 10:50:07
$ONTY SURGING on positive breast cancer news! BUYOUT??? #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
John Smith
12 Dec 14 10:45:35
$NBY surging nearly 20% - BUYOUT??? #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
John Smith
12 Dec 14 10:44:36
$NBY SURGING nearly 20% #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
Bio boy Randal
12 Dec 14 09:30:00
http://t.co/wTv9S4nUNn $dndn Rest in peace
$Stocknewsalerts
12 Dec 14 03:45:54
$DNDN New SEC Document(s) for Dendreon Corporation From our Stock News Alerts App
4-traders.com
12 Dec 14 03:35:03
DENDREON : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of List... http://t.co/xBp4Nr7W8c $DNDN
Mark Milstein
12 Dec 14 00:49:34
Impressed by U.S. Trustee statement in $DNDN bankruptcy case, strong critique of the proposed plan favouring unsecured bondholders.
Biotech Beat
11 Dec 14 16:08:01
RT @adamfeuerstein: CAR-T mania aside, does it concern anyone that $JUNO is run by former $DNDN execs and a Wall Street investment banker?
Steven Mina
11 Dec 14 16:05:39
Mitch Gold @alpine_mitch and David Miller @AlpineBV_miller are the two biggest con men in biotech. Serial liars. $dndn $mdvn $ibb $blue
shmittahcapital
11 Dec 14 12:23:23
@adamfeuerstein does $juno management make it? Or you included them in $dndn
John Smith
11 Dec 14 10:37:11
$ARIA bear raid. Careful of the BS CS downgrade. #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
Simon Lackner
11 Dec 14 09:25:07
Interessting that $JUNO managment is ex $DNDN managment didn't know that, not sure that's good. CFO too?
nixon786
11 Dec 14 09:18:32
$JUNO $DNDN $DNDN failed because $JNJ & $MDVN came with better drug.
michiel berkel
11 Dec 14 08:51:13
@bbolan1 CAR-T mania aside, does it concern you that $JUNO is run by former $DNDN execs and a Wall Street investment banker?
John Smith
11 Dec 14 06:43:51
$GSK and $AZN now rumored to be looking at $ARIA buyout. #cash #stocks #investing #401k #cnbc #msnbc $pfe $ctic $dndn $gsk $bac #NYSE
				
				
  +Follow August 23, 2013 4:12PM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.