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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)

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.

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2 Sep 14 09:07:48
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Charlotte Davis
2 Sep 14 06:49:07
RT $DNDN Sipuleucel-T Helps ADT Boost Prostate Cancer Immunity (google it). Article on August 28th. http://t.co/Ht7MNQ4LiW via @YahooFinance
Charlotte Davis
2 Sep 14 06:48:14
Alexander Morris
2 Sep 14 06:42:54
$DNDN: At 1DyHIGH=1.37, hits:1, ch:+0.7%, 2cNewHi:BrkPLo[+203.0%], AtgPivH3, tf:03, MedFlt[149.8M], HiPctSht[28%:15d], DyVol:136T:0.1x:0.1x
Business News Now
2 Sep 14 06:16:04
$DNDN: Dendreon downgraded by R. F. Lafferty http://t.co/t1ES88D7o0 http://t.co/ZS5eV7hBe6
2 Sep 14 05:52:45
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2 Sep 14 04:29:37
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1 Sep 14 21:46:27
CEO of Alpine BioVentures was prev. CEO of failure $DNDN. Now Failure $ONTY acquires Alpine. A circle of winners.
1 Sep 14 10:58:33
this week watching $ALXA $DNDN $SIGA
Radio Silent
31 Aug 14 12:37:13
Aug 15,2014 $DNDN 1.20-1.30 Target 1: 1.50 (high of 1.44 Aug 27,2014) Target 2: 1.60 Potential : 2.00 STOP close... http://t.co/8qUTAt7Msl
Market News Desk
31 Aug 14 10:15:45
$DNDN: Cheap Investment Options: SGOCO Group Ltd(NASDAQ:SGOC), Dendreon ... http://t.co/TGAxR0NgCb http://t.co/2bwT0vYN6h
31 Aug 14 10:13:34
Technically oversold w recent insider buys: $DNDN $CIDM $GTXI $CYTX $NUS. Some pretty decent swing setups
30 Aug 14 09:04:49
$DNDN Information for Dendreon Corporation From our Stock News Alerts App
30 Aug 14 07:12:10
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29 Aug 14 09:46:37
$DNDN 3 million more for sale it looks like oh well fun while it lasted
Market News Desk
29 Aug 14 07:15:58
$DNDN: Is an Impending Implosion of Dendreon Avoidable? http://t.co/N4LPe5qZk2 http://t.co/UAuFC5gYfs
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29 Aug 14 06:01:17
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12Stocks.com Biotech
29 Aug 14 05:32:15
Two Portfolios. Pick One... http://t.co/5TOEqWKeIo $DNDN #biotech #stocks
28 Aug 14 17:39:05
RT @UDInvesting: Watching $DNDN for a strong move above $1.44. IF initiated: Tight stop around $1.40. .20-.30/share profit target for swing…
28 Aug 14 13:47:40
A winner every day. Come trade with us (me). $DNDN $BRLI $GOMO $GMAN #alwayswantedtodothis
Maximiliano Olguín
28 Aug 14 11:06:56
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28 Aug 14 10:15:50
$DNDN: [video] The Top Ten Stocks for Tuesday, August 12 http://t.co/fO8RacCoRn http://t.co/omIUKu41n0
28 Aug 14 10:06:34
@psuvafan007 @dsobek @sharkbiotech that was years ago. back in 2008 i believe. $dndn
28 Aug 14 10:06:03
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Federico Lopa
28 Aug 14 09:59:18
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28 Aug 14 07:04:20
ospreyeye: $DNDN:,good a EYE bud........$DNDN is setting up to http://t.co/vcrivLnG0F
28 Aug 14 06:32:45
$DNDN 47000 to go 1.35 low 1.41 top 16000 more on sell side
28 Aug 14 06:32:01
georgie18: $DNDN... $1.37...pincher play and a gap down fill.... http://t.co/G6YtrIQ06a
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28 Aug 14 06:23:38
georgie18: $DNDN... $1.37...pincher play and a gap down fill.... http://t.co/lgxb2txr6v
Stock Updates
27 Aug 14 21:15:34
$DNDN: Dendreon's Debt Problem: Mulls Wiping Out Shareholders http://t.co/KyBtN7kwTK http://t.co/KwGkcVoJax
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27 Aug 14 20:01:05
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27 Aug 14 11:32:13
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Radio Silent
27 Aug 14 08:32:06
Aug 15,2014 $DNDN 1.20-1.30 Target 1: 1.50 (high of 1.44 Aug 27,2014) Target 2: 1.60 Potential : 2.00 STOP close below 1.10
27 Aug 14 07:55:11
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Upper Division
27 Aug 14 07:43:29
Watching $DNDN for a strong move above $1.44. IF initiated: Tight stop around $1.40. .20-.30/share profit target for swing. Good risk/reward
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27 Aug 14 07:15:55
$DNDN: [video] The Top Ten Stocks for Tuesday, August 12 http://t.co/1iaZ1Z9FX6 http://t.co/beAohBfnmL
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Hieu Nguyen
27 Aug 14 06:42:29
$DNDN DNDN is on the move! Look like it's going to be like ITMN. Keep an eye on it.
Megalopolis Phillis
27 Aug 14 06:42:25
$DNDN major bounce coming in the next days!
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26 Aug 14 20:01:11
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Financial News
26 Aug 14 12:16:07
$DNDN: Dendreon Shares Plunge on Concern Debt Won't Be Repaid http://t.co/rhqj1JPijg http://t.co/fiMa1iWU95
26 Aug 14 11:36:22
$DNDN Wow all the way down to a 1.40 amazing
26 Aug 14 11:23:44
$DNDN nice pop from yesterday
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$DNDN nice off the lows move now at 1.40ask
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Smosh Parody
26 Aug 14 07:30:07
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Alexander Morris
26 Aug 14 07:10:41
$DNDN: At 1DyHIGH=1.39, hits:1, ch:+3.7%, AtgPivH4, tf:3f, MedFlt[149.8M], HiPctSht[28%:12d], DyVol:191T:0.1x:0.1x, DyRng:4.3%:0.8x:0.8x
  +Follow August 23, 2013 4:12PM



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