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Dendreon Priced To Go Out of Business

  +Follow August 23, 2013 4:12PM
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)

Results for dndn
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"
Stock Rocket
18 Apr 14 09:03:23
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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
$DNDN Immune Responses Enhanced http://t.co/4NfEFtYKFM
17 Apr 14 16:59:06
$DNDN News Buzz – Dendreon (NASDAQ:DNDN), Vantage Drilling Company ... http://t.co/9yPRxvDp78
17 Apr 14 16:54:09
$DNDN Stocks to Keep Your Eyes on: Dendreon Corporation (NASDAQ:DNDN), NQ ... http://t.co/5w2wXDHcjZ
17 Apr 14 14:49:35
Dendreon Corp (DNDN) 2.65 $DNDN Global Hormone-Sensitive Prostate Cancer Global Clinical Trials Review 2014 - http://t.co/zg7M09nTaL
Pamella Ortiz
17 Apr 14 14:31:58
$DNDN major bounce coming in the next days!
Dov Boulstridgeksw
17 Apr 14 09:04:54
$DNDN Immune Responses Enhanced http://t.co/PYqn6OAosP
Ticker Report
16 Apr 14 23:43:01
Dendreon Sees Large Decrease in Short Interest $DNDN http://t.co/T4qB3kqMVH
16 Apr 14 21:40:11
Dendreon : Releases Preliminary Data from Analysis of Phase II Stand Study http://t.co/nQ8mfZCZA4 $DNDN
Clint McKidd
16 Apr 14 18:26:48
$DNDN Dendreon Ready For A Rebound http://t.co/WJIwOxcDZy
Aide Lemmon
16 Apr 14 18:21:49
$DNDN Dendreon Ready For A Rebound http://t.co/qZ3Hk5Mio2
16 Apr 14 13:50:08
@TravisMKnight conclusion, I have to be careful not to be "smarter" than the market, just ask $DNDN shorts when stock was 10 and went to 57
16 Apr 14 11:11:05
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Sasha Damouni
16 Apr 14 10:34:46
ASCO first focusing on therapies for advanced cases of lung and prostate cancer and for multiple myeloma $SGEN, $DNDN, $MDVN, $JNJ, $CELG
16 Apr 14 08:36:10
@danravicher $DNDN, same old story, U might be a great atty, not my area, u might be some great intellectual, but biotech is a business
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
Zolmax News
15 Apr 14 22:35:21
Short Interest in Dendreon Decreases By 5.4% $DNDN http://t.co/6aeRDaa7v0
Brice Latimer
15 Apr 14 15:59:06
$DNDN 7:00 am Dendreon: Immune responses enha http://t.co/vqMES9vkUD
Insider Trade Alerts
15 Apr 14 14:49:08
$DNDN 7:00 am Dendreon: Immune responses enha http://t.co/DlxLILf9DM
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Cinthia Booker
15 Apr 14 11:16:45
$DNDN 7:00 am Dendreon: Immune responses enha http://t.co/mRESpApVTs
Alexander Morris
15 Apr 14 06:37:46
$DNDN: Exc 1DyHIGH=2.75 (1 Time), ch:+2.6%, 0phNewHi:BrkPLo+PHi[+201.8%], 3:2Accel+, tf:1f, MedFlt[147.5M], HiPctSht[30%:12d]
Laird Cabrera
15 Apr 14 06:10:57
$DNDN 7:00 am Dendreon: Immune responses http://t.co/I3R5cjf8i5
Lars Meath
15 Apr 14 05:57:37
$DNDN 7:00 am Dendreon: Immune responses enha http://t.co/6jjmVVDL6k
Luther Cox
15 Apr 14 05:43:44
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15 Apr 14 02:19:09
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Mariano Husher
15 Apr 14 02:03:01
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Ansel Gonzalez
14 Apr 14 19:37:58
$DNDN 7:00 am Dendreon: Immune responses enha http://t.co/EkX1nqlff6
Major Brown
14 Apr 14 16:17:19
$DNDN 7:00 am Dendreon: Immune responses http://t.co/vVk5xNeKcr
14 Apr 14 12:48:08
$DNDN Annual Shareholder Meeting next Monday 4/21. 10-day ISE/CBOE/PHLX call/put volume ratio of 13.00.
Shantae Myricky
14 Apr 14 12:07:34
$DNDN 7:00 am Dendreon: Immune responses enha http://t.co/veOIhhH13z
Luke Skywalker
14 Apr 14 07:18:54
Jaydan Kyler
14 Apr 14 07:17:52
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14 Apr 14 06:55:05
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Stock Signaling
14 Apr 14 06:01:07
Pre-Market Price Advances: $ICPT $ARWR $CYTX $AKBA $WBMD $SQNM $SGYP $SFLY $VRNS $NFBK $DNDN $BIS $BOFI $FAST $SIRI http://t.co/3gvJLENZtD
14 Apr 14 04:24:33
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Laird McQuillen
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
$DNDN Options Check-Up: Facebook Inc (FB), Dendreon Corporation, and American ... http://t.co/QzeXLynHsJ
Stock Market News
13 Apr 14 14:23:01
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Stock Rocket
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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Octavio Van
13 Apr 14 12:24:31
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Dave Neville
13 Apr 14 08:46:05
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13 Apr 14 07:04:27
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  +Follow August 23, 2013 4:12PM



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