Company

Bank

Analyst

Coverage

Opinion

Wk chg

9/2 cls

Dendreon Corp. (NASDAQ:DNDN)

Baird

Christopher Raymond

Price target

Neutral

-8%

$10.96

Raymond lowered his target to $14 from $20 based on a survey of oncologists. He noted the percentage of castration-resistant prostate cancer (CRPC) patients identified by doctors as possible candidates for Provenge sipuleucel-T has fallen to 24% from 37% a year ago. In early August, Dendreon withdrew its 2011 revenue guidance of $350-$400M due to lower-than-expected uptake. Raymond lowered his 2011 and 2012 revenue estimates to $221M and $391M, respectively, from $233M and $446M. The product is comprised of autologous dendritic cells loaded with a fusion protein of prostatic acid phosphatase and an immunostimulatory cytokine.