cposch

Dendreon Gets Another Analyst Thumbs-Down

What Mike Huckman didn't report is this: that Joe Pantginis left (or was fired? - more on that later) Cannacord Adams where he had a similar rating on DNDN. Pantginis didn't just "pick up" coverage - he merely took the rating he had when he left Cannacord and transfered it over to Merriman. This makes me wonder if Cannacord is even covering DNDN at this time - perhaps a new analyst at Merriman resumed covered after he left. So, Pantginis rating is nothing new, and Huckman should have reported this if he did his due dilgence (instead of crying to get on the nerves of rabbid DNDN fans).

But, facts are facts: Pantginis said CEGE's product was superior due to trial results and stated CEGE would be approved before DNDN's product. He also said CEGE was a buy and recommended this stock to Cannacords institutional investors. Perhaps the following is why Pantginis left Cannacord:

CEGE's stock is now trading at .18 cents because the results of their trial showed they would essentially fail. CEGE is now exploring strategic asset sales of the company (not a good sign the company will remain a viable entity for an extended period of time, IMO). CEGE's business was this one product that they abandoned yesterday.

So, Pantginis is recommending clients buy (as of Friday) a company that now has no product, no future, was trading at $3 recently, and is now trading at .18 cents and is now exploring asset sales of the company, while he says DNDN is a sell, and has an inferior product.

Pantginis is a joke, and Huckman should have done his DD before reporting this.