Dendreon falls on analyst downgrade

Dendreon Corp. (NASDAQ:DNDN) slid $0.28 to $2.91 on Friday after Deutsche Bank's Robyn Karnauskas downgraded the company to "sell" from "hold" and lowered her price target to $1 from $6. Karnauskas believes that Dendreon's revenue growth and cost cuts may not outpace spending, necessitating a debt refinancing which could negatively affect shareholders. Earlier this month, Wedbush's David Nierengarten lowered his target for Dendreon to $0 from $1 and reiterated his "underperform" rating after the biotech reported 2Q13 earnings. ...