Dendreon (DNDN -16%) plummets following its earnings miss with Provenge sales of just $67.6M vs. $82M a year ago, and against consensus of around $80M (and low-ball estimates in the low $70M area). "We are seeing an improvement in enrollments," says CEO John Johnson. "As we leverage the power of our DTC campaign, we are confident in our ability to grow Provenge year over year." The earnings call is underway. (PR)
Dendreon (DNDN -1.3%) agrees to pay $40M to settle a class-action investor lawsuit that alleges that the company made "false or misleading statements," particularly about its Provenge cancer drug. Dendreon continues to deny that it made such statements, and says its insurers will pay $38M of the settlement. (PR)
Dendreon (DNDN +0.5%) moves up after its Q4 easily beat estimates earlier today. Community accounts, which represent 71% of total sales, were up from 58% Y/Y, with urology +25% overall Q/Q, and oncology up 4%.
A genetically modified smallpox vaccine has been shown to shrink tumors in liver cancer patients and extends survival more than a year, a recent study found. The therapy, from closely held Jennerex, is called JX-594, or Pexa-Vec, and is currently being tested in people with advanced hepatocellular carcinoma. Treatment options for this advanced type of cancer are limited, and San Francisco-based Jennerex is competing with drug behemoths such as Amgen (AMGN -1.5%) and Merck (MRK +0.4%) in the space, as well as others such as Oncolytics Biotech (ONCY -5%) and Dendreon (DNDN -3.3%).
Dendreon's (DNDN +15%) upside surge today may be impressive on the face of it, but it's really just a blip on the screen when you consider the stock was at $17.50 just 11 months ago. Or, for that matter, two years back when it was trading at $50. While Provenge may be the focal point of today's move, it still faces hurdles - like a $93K price tag for a round of therapy - but the real catalyst to DNDN's story may just be its takeout value. The stock has a large institutional base, with heavyweights like J.P. Morgan and Tang Capital behind it, and with its recent restructuring, the payout could be big at the stocks current price tag.