Dendreon worth zero: Wedbush

|About: Dendreon Corporation (DNDN)|By:, SA News Editor

No need to sugarcoat it: The news out of Dendreon (DNDN) Thursday was bad. First, investors learned that the company has essentially abandoned the notion of posting Y/Y sales growth for Provenge in H2 and second, DNDN says CFO Greg Schiffman is leaving the company come December.

The prospects for the company look decisively grim according to nearly everyone who has cared to comment.

Wedbush has actually cut its price target on the stock to $0, saying there is nothing ahead but a "painful restructuring" and a wipeout for equity investors. (analyst note)

TheStreet's Adam Feuerstein says the CFO exit raises even more questions about the company's viability.

Bernstein's take: "What can be said? It keeps getting worse."

Shares -13% premarket.