Dendreon (DNDN-NASDAQ) is still getting plenty of trader attention this morning. It is going to post significantly higher volume than normal today as the chat rooms and message boards are filling up with more and more data on the FDA panel review next week for its prostate cancer vaccine called Provenge. Shares were up 10% at $4.36 on last look and that is after a $0.25 gain yesterday to $3.95. Its 52-week low is only $3.57 and 52-week high is $5.77. It has already crossed more shares in the first 30+ minutes this morning compared to an average daily volume.
Here is our article from yesterday. Outsiders are also pointing to an article out of TheStreet.com pointing to significantly higher values if they receive FDA approval (although they did some figure corrections later). CNBC’s Mike Huckman also ran a blog post on it late yesterday.
This one is going to be one of the more active stocks on an otherwise fairly quiet Friday. Stock options are perhaps one of the most perceptive methods to see what the market is bracing for. Right after the open of options today the MAY07 $5.00 CALLS were trading at $1.30, so that stock would have to go up to $6.30 for a new Call option buyer to make any money as of now and that is before any transaction costs.
Jon C. Ogg
March 23, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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