Dendreon Corporation

DNDN is defunct.
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  • Nov. 13, 2013, 12:04 PM
    • Dendreon (DNDN -2.3%) slips as investors and analysts digest the company's Q3 results.
    • Provenge sales missed expectations and some, like Stifel's Joel Sendek, are skeptical of the company's ability to stay afloat. Sendek has the shares at Sell with no price target.
    • Meanwhile, William Blair's Katherine Xu is holding out some hope, saying that the company could manage to turn a profit if Provenge sales could hit $90-95M/quarter (so, at least 32% above Q3 sales). The price target at William Blair is $2.
    • For its part, Needham downgraded the shares to Neutral from Buy, saying the company's cost-cutting efforts may be "too little too late" despite "clinical data support[ing] wider and earlier use of Provenge."
    • Brean has reportedly cut its price target to $0.50.
    | Nov. 13, 2013, 12:04 PM | 1 Comment
  • Nov. 12, 2013, 8:26 AM
    • Revenue falls 12.8% Y/Y for Dendreon (DNDN) during Q3, as the company misses estimates on the top-line.
    • CEO John Johnson announces a restructuring that he says is consistent with "accelerating the path to profitability."
    • According to DNDN, the plan will save around $125M in operating expenses versus the 2013 run rate.
    • "All expense categories" will be affected as COGS should fall by around $30M and the total number of DNDN employees is expected to be ~820, "down from more than 2,000 at [the company's] peak." (PR)
    • Shares are getting a modest bump, up 2.5% premarket.
    | Nov. 12, 2013, 8:26 AM | 1 Comment
  • Nov. 12, 2013, 8:03 AM
    • Dendreon (DNDN): Q3 EPS of -$0.29 beats by $0.14.
    • Revenue of $68M misses by $8.6M. (PR)
    | Nov. 12, 2013, 8:03 AM
  • Nov. 12, 2013, 12:05 AM
  • Nov. 11, 2013, 5:30 PM
  • Nov. 6, 2013, 9:08 AM
    | Nov. 6, 2013, 9:08 AM
  • Oct. 28, 2013, 12:46 PM
    | Oct. 28, 2013, 12:46 PM
  • Oct. 28, 2013, 11:59 AM
    • Wedbush is sticking by its $0 price target for Dendreon (DNDN +9.1%) despite rumors that the company is pursuing a sale (here, here, and here).
    • Analyst David Nierengarten thinks it's unlikely that DNDN will find a buyer given that "the Provenge franchise has never been profitable, and management has repeatedly stated that cash flow break-even could occur at $100M quarterly run rate, a sales pace that has never been achieved."
    • Nierengarten also says there's "no reason for an acquirer to pay over EV" and drives the point home by noting that "the maximum net profit margin [looks to be] well below the typical big Pharma's 20%+ margins, making a potential buy-out a negative for the acquirer."
    | Oct. 28, 2013, 11:59 AM | 1 Comment
  • Oct. 28, 2013, 9:12 AM
    | Oct. 28, 2013, 9:12 AM
  • Oct. 28, 2013, 8:29 AM
    • Shares of Dendreon (DNDN) rally 17% in premarket trading.
    • Investors are likely betting the company gets acquired (see here and here).
    • Maxim is reportedly out with an upgrade from Hold to Buy and a $10 price target.
    | Oct. 28, 2013, 8:29 AM | 3 Comments
  • Oct. 27, 2013, 8:25 PM
    • Does a sale make sense for Dendreon (DNDN)? Credit Suisse apparently thinks so.
    • According to market chatter, CS says the sale rumor "is both plausible and sensible [and] would remove a very real scenario of equity holders being wiped out in a debt restructuring."
    • Recall that in August, Wedbush predicted there was nothing ahead but a "painful restructuring" and a wipeout for equity investors.
    | Oct. 27, 2013, 8:25 PM | 1 Comment
  • Oct. 26, 2013, 9:54 PM
    • Troubled Dendreon (DNDN) is reportedly seeking a buyer.
    • Bloomberg said Friday the company has hired JPMorgan to assist in the process.
    • The shares are down 54% YTD and are off around 44% since early August when the outlook for Provenge sales darkened (see here and here).
    | Oct. 26, 2013, 9:54 PM | 9 Comments
  • Sep. 27, 2013, 8:46 AM
    • Dendreon (DNDN) will present Provenge data at the European Cancer Congress.
    • The company says results from two studies show a "robust immune response when Provenge is administered with abiraterone acetate [and] suggest long-lived immunological memory to Provenge years following initial treatment." (PR)
    • Provenge and DNDN have their fair share of detractors (here and here) but somebody seems to like today's press as the shares are trading 4% higher premarket.
    | Sep. 27, 2013, 8:46 AM
  • Sep. 17, 2013, 5:36 PM
    | Sep. 17, 2013, 5:36 PM
  • Sep. 17, 2013, 3:51 PM
    • Don't tell the naysayers, but European approval for Provenge is "a clear positive" for Dendreon (DNDN +5.5%), Needham says, reiterating a Buy rating and a $7 price target.
    • Investors might not want to back the truck up just yet though, as analyst Chad Messer still "expects it to take a number of quarters to see meaningful European sales."
    • That said, Needham is positive on upcoming clinical data which should "support wider and earlier use of Provenge."
    | Sep. 17, 2013, 3:51 PM
  • Sep. 17, 2013, 9:16 AM
    | Sep. 17, 2013, 9:16 AM
Company Description
Dendreon Corp is a biotechnology company. The Company is engaged in the discovery, development and commercialization of novel therapeutics that improve cancer treatment options for patients.
Sector: Healthcare
Industry: Biotechnology
Country: United States