A couple of rumors yesterday regarding Dendreon Corporation (DNDN).
Shares surged, on more than tripled average turnover, almost 17% reportedly after U.S. health regulators published a critical review of rival Amgen Inc.'s (NASDAQ:AMGN) drug for prostate cancer. Where's the connection between FDA review of Amgen's drug and Dendreon is puzzling me.
Rumor #1: January turnover much bigger than expected
Rumor #2: Amgen is going to buy DNDN out. With an offer in the $21 range.
These are rumors, not news, there are no PRs and no confirmations anywhere.
Take these rumors with plenty of salt.
Disclosure: I am long DNDN.
Additional disclosure: I have no positions in AMGN, and no plans to initiate any positions within the next 72 hours. I receive no compensation to write about any specific stock, sector or theme. I'm not going to trade DNDN within the next 72 hours.