BioCentury on BioBusiness, Analyst Picks & Changes
Analyst picks & changes
Published on Monday, September 5, 2011
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Company
|
Bank
|
Analyst
|
Coverage
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Opinion
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Wk
chg
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9/2
cls
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Dendreon
Corp. (NASDAQ:DNDN)
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Baird
|
Christopher
Raymond
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Price
target
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Neutral
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-8%
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$10.96
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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.
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