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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for dndn
DailyStockPicks
31 Oct 14 06:19:59
Partner Jet $PJT.V is up 183% this week after Q3 release with more gains coming. Find out why: http://t.co/MEpEjkCm4H $AGN $DNDN $RSP
Alpha Maven
31 Oct 14 02:30:32
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
Jasen Kinvaston
31 Oct 14 00:08:02
$DNDN major bounce coming in the next days!
chartguy89
30 Oct 14 22:49:25
DNDN 1.03 Stock Charts $DNDN Dendreon Corp. (NASDAQ) Last Updated: 10/31/2014 00:49:23 DNDN Stock Chart - 1 Mo http://t.co/pO7P9QXTn5
Brian Antonich
30 Oct 14 21:12:59
RT @griffoncanisius: "the rationale for optimal combo therapy with Sip-T for patients with CRPC". Reviews in Urology Vol16 No 3 just publis…
Bio_Tech_Boss
30 Oct 14 19:56:02
@StevenMina3 you seem angry, prompted by proof I posted to Adam F to correct his post that I lost $$ on $DNDN stock.U shouldn't be offended
Krishna
30 Oct 14 19:40:17
RT @WallStJesus: CBOE: Next Week in Weeklys Nov 3 & 4 http://t.co/Fdlgig8mxq ➡ earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR http://t.c…
DCarsonCPA_MA
30 Oct 14 19:11:18
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
Dean Carson CPA
30 Oct 14 19:11:18
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
Dean Carson CPA
30 Oct 14 19:11:18
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
DCarsonCPA_CATX
30 Oct 14 19:11:18
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
Dean T.Carson II CPA
30 Oct 14 19:11:18
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
raghubir
30 Oct 14 18:52:32
RT @WallStJesus: CBOE: Next Week in Weeklys Nov 3 & 4 http://t.co/Fdlgig8mxq ➡ earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR http://t.c…
Tweed
30 Oct 14 18:44:28
RT @WallStJesus: CBOE: Next Week in Weeklys Nov 3 & 4 http://t.co/Fdlgig8mxq ➡ earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR http://t.c…
JE$US
30 Oct 14 18:44:02
CBOE: Next Week in Weeklys Nov 3 & 4 http://t.co/Fdlgig8mxq ➡ earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR http://t.co/ppKtjFhLRa
John W. Green JW
30 Oct 14 18:38:28
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
Chris Pieczonka
30 Oct 14 18:35:56
"the rationale for optimal combo therapy with Sip-T for patients with CRPC". Reviews in Urology Vol16 No 3 just published $DNDN
Russell Rhoads
30 Oct 14 18:33:18
RT @CBOE: Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report …
CBOE
30 Oct 14 18:31:29
Next Week in Weeklys – Part 1 – November 3 & 4 http://t.co/PrqUuIg8Y2 earnings numbers for $AIG $DNDN $MNKD $ATVI $FSLR - report Mon or Tues
Bio_Tech_Boss
30 Oct 14 17:26:38
@adamfeuerstein Not looking 2 fight Adam & u shouldn't either but u posted wrong info. Para 6 is my last $DNDN sale http://t.co/WzvoWCU1rk
Bio_Tech_Boss
30 Oct 14 17:10:26
@adamfeuerstein U kidding? I made $625K on $DNDN, sold 23K shares @ $40/sh. Link to my 1st sale of many, some at $42 http://t.co/bJ4LAdmj2l
Adam Feuerstein
30 Oct 14 17:00:18
@Bio_Tech_Boss Oh please, will you $DNDN whiners please shut the fuck up already. You lost. Get over it.
Bio_Tech_Boss
30 Oct 14 16:44:38
@adamfeuerstein Why didnt FDA release a letter after its criminal '07 rejection of $DNDN Provenge? ADCOM voted 13-4 efficacy 17-1 safe $SRPT
Stocks News&Markets
30 Oct 14 13:23:39
$DNDN - Statement of Changes in Beneficial Ownership (4) http://t.co/mnfIUWKjkD
StockNews
30 Oct 14 13:23:20
$DNDN - Statement of Changes in Beneficial Ownership (4) http://t.co/hkYNCx5IMC
Steven Mina
30 Oct 14 13:17:48
@FiercePharma Yet biggest crook in the $dndn fiasco, former CEO Mitch Gold @Alpine_Mitch, has managed to escape federal prosecution so far.
$Stocknewsalerts
30 Oct 14 13:16:06
$DNDN New SEC Document(s) for Dendreon Corporation From our Stock News Alerts App
Steven Mina
30 Oct 14 13:12:18
RT @FiercePharma: Dendreon's Provenge at the center of CMS insider trading probe http://t.co/QL1kSRLeRY $DNDN #pharma #vaccines
wininstocks2014
30 Oct 14 11:29:53
DNDN 0.9996 Stock Charts $DNDN Dendreon Corp. (NASDAQ) Last Updated: 10/30/2014 13:30:01 DNDN Stock Chart - 1 http://t.co/sUWS2GWvjv
DailyStockPicks
30 Oct 14 11:12:33
$LAKE and $SMED announce increases in revenue due to #Ebola related business activity. $DNDN investors read: http://t.co/qXqzthBMEE
DailyStockPicks
30 Oct 14 10:03:23
$LAKE and $SMED announce increases in revenue due to #Ebola related business activity. $DNDN investors read: http://t.co/vxKje2CxK4 #stocks
Yu Zhu
30 Oct 14 09:06:51
RT @FiercePharma: Dendreon's Provenge at the center of CMS insider trading probe http://t.co/QL1kSRLeRY $DNDN #pharma #vaccines
FiercePharma
30 Oct 14 09:05:09
Dendreon's Provenge at the center of CMS insider trading probe http://t.co/QL1kSRLeRY $DNDN #pharma #vaccines
Carly Helfand
30 Oct 14 09:00:28
Dendreon's Provenge at the center of CMS insider trading probe: http://t.co/G7bGbSZpxO $DNDN #pharma
ACE
30 Oct 14 09:00:25
$DNDN and ladies gents its under a dollar Stubborn company It has tons of debt and dwindling cash. Can't go at it alone
Rob Wright
30 Oct 14 06:59:11
RT @Loftus: Great behind-the-scenes look at insider-trading probe stemming from Medicare review of Dendreon drug: http://t.co/blAaTdPWrv vi…
DailyStockPicks
30 Oct 14 06:26:16
#Ebola #stocks $LAKE and $SMED up in pre-market thanks to sales announcements. $DNDN investors read: http://t.co/vxKje2CxK4
Bidness Etc
30 Oct 14 04:26:02
SEC is tracking three overlapping probes pertaining to Dendreon's stock price movement - http://t.co/cB3P6t1V2y $DNDN
Ronald J. Perez, PhD
30 Oct 14 03:58:29
RT @ScripDonnaDC: Provenge at heart of SEC Medicare insider trading probe http://t.co/8lL9b0KHeO $DNDN #pharma #biotech #SEC #CMS #insider…
SCRIP Intelligence
30 Oct 14 03:52:29
RT @ScripDonnaDC: Provenge at heart of SEC Medicare insider trading probe http://t.co/8lL9b0KHeO $DNDN #pharma #biotech #SEC #CMS #insider…
Donna Young
30 Oct 14 03:50:55
Provenge at heart of SEC Medicare insider trading probe http://t.co/8lL9b0KHeO $DNDN #pharma #biotech #SEC #CMS #insidertrading #Provenge
InterCooler
30 Oct 14 01:52:06
Dendreon Short Interest Up 7.6% in October $DNDN http://t.co/1wP6KzLlN3
US Banking News
30 Oct 14 01:21:36
Dendreon Sees Significant Growth in Short Interest $DNDN http://t.co/2AGBTwi3u3
Sleek Money
30 Oct 14 01:07:56
Dendreon Sees Significant Growth in Short Interest $DNDN http://t.co/hIRaYRktuv
BM
29 Oct 14 18:40:48
$DNDN Fly butterfly into earnings. 1st goal is taking out ma34 - then a bullish Elliott wave count can start rolling http://t.co/HCA6xnfZO0
Steven Mina
29 Oct 14 17:33:53
@Alpine_Mitch Should add the image below to Alpine's letterhead as it certainly applies to ur "leadership" of $DNDN http://t.co/wLdvvQXIT5
Policy Prescriptions
29 Oct 14 17:30:29
MT @jonathanrockoff: SEC investigating whether Medicare staff leaked Dendreon info http://t.co/D3XuGWCNqD $DNDN @cdweaver
Steven Mina
29 Oct 14 17:14:06
@Alpine_Mitch Yeah the complexity of trading on inside FDA information as you did in $DNDN in 2007. Once a crook always a crook applies to u
Andy Biotech
29 Oct 14 16:49:39
$DNDN @ldtimmerman @adamfeuerstein @MarkSchoenebaum LOL, How long haven't they updated this Analyst Coverage list? ;) http://t.co/YL25Z1cist
Luke Timmerman
29 Oct 14 16:42:54
.@adamfeuerstein @MarkSchoenebaum Will the last person covering $DNDN please turn out the lights?
				
				
  +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.