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Dendreon Priced To Go Out of Business

  +Follow August 23, 2013 4:12PM
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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)

Results for dndn
chartguy89
18 Apr 14 17:26:16
DNDN 2.65 Stock Charts $DNDN Dendreon Corp. (NASDAQ) DNDN Stock Chart - 1 Month http://bigcharts.marketwatch.c http://t.co/rQTvK9i4fQ
Carver Long
18 Apr 14 13:58:27
@Asthika @MarkSchoenebaum "And in July '11, he was buried. But on the 3rd July in '14, $DNDN rose again, and #Provenge sales peaked at $6B"
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18 Apr 14 09:03:23
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Jim
18 Apr 14 05:12:42
With all the biotech M&A's in Q1, I'll throw out a small list of targets. $DNDN, $ARIA, $CHTP, $VVUS and $MNKD after official FDA approval.
Webster Hernandezj
18 Apr 14 04:57:30
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17 Apr 14 16:59:06
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Stock_Tracker
17 Apr 14 14:49:35
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Pamella Ortiz
17 Apr 14 14:31:58
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17 Apr 14 09:04:54
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Ticker Report
16 Apr 14 23:43:01
Dendreon Sees Large Decrease in Short Interest $DNDN http://t.co/T4qB3kqMVH
4-traders.com
16 Apr 14 21:40:11
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Clint McKidd
16 Apr 14 18:26:48
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Aide Lemmon
16 Apr 14 18:21:49
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StockMatusow
16 Apr 14 13:50:08
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BioInvestor
16 Apr 14 11:11:05
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16 Apr 14 10:34:46
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StockMatusow
16 Apr 14 08:36:10
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TradersIHelper
15 Apr 14 23:18:23
$DNDN Short Interest in Dendreon Decreases By 5.4% (DNDN) http://t.co/AGKt1pGgYL
US Banking News
15 Apr 14 22:45:29
Short Interest in Dendreon Decreases By 5.4% $DNDN http://t.co/Z9ydPHwTwn
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15 Apr 14 22:35:21
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15 Apr 14 15:59:06
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15 Apr 14 14:49:08
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15 Apr 14 11:52:57
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15 Apr 14 11:16:45
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15 Apr 14 06:37:46
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15 Apr 14 06:10:57
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15 Apr 14 05:57:37
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15 Apr 14 05:43:44
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15 Apr 14 02:19:09
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15 Apr 14 02:03:01
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14 Apr 14 19:37:58
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Major Brown
14 Apr 14 16:17:19
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14 Apr 14 12:48:08
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14 Apr 14 12:07:34
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14 Apr 14 07:18:54
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14 Apr 14 07:17:52
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14 Apr 14 06:55:05
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14 Apr 14 06:01:07
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14 Apr 14 04:24:33
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14 Apr 14 03:44:36
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13 Apr 14 18:37:49
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13 Apr 14 16:26:03
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Stock Market News
13 Apr 14 14:23:01
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13 Apr 14 14:16:10
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13 Apr 14 13:22:09
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13 Apr 14 12:39:23
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13 Apr 14 12:24:31
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13 Apr 14 08:46:05
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Beverley Marinoh
13 Apr 14 07:04:27
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  +Follow August 23, 2013 4:12PM
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