William Blair is cutting its price target to $4 from $5 on Dendreon (DNDN -5.2%) after Friday's...

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

William Blair is cutting its price target to $4 from $5 on Dendreon (DNDN -5.2%) after Friday's Q3 showed Provenge sales missing expectations. The firm says sales of the drug are likely to remain challenged over the near term, and keeps an Underperform rating on the stock. CFO Doug Schiffman acknowledged in the company's earning call on Friday that the drug has faced some marketing challenges over the past quarter due in part to the departure of some key sales personnel in many of its key markets. (Transcript)