Dendreon Downgraded, Sort Of…..

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By Douglas A. McIntyre Published
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Dendreon (DNDN-NASDAQ) is trading down more than 4% at $21.25 in early trading after JMP Securities downgraded the shares.  DNDN closed down 6% at $22.15 yesterday .  The “official” rating was cut from a STRONG BUY to that of an Outperform.  The reason for the “official” is because of the oddity that while they gave it a downgrade, JMP Securities actually lifted its price target to $24.00 per share from $20.00.  The firm believes there is still upside to the stock, but feels valuations are nearing the near-term peak.

We’ll have to see how this one goes as we get closer to that MAY 15 PDUFA at FDA.  This one is getting all the buzz in chat rooms today, which can’t be a shock considering how many traders are chatting about this one with volume off the charts. 

The stock closed at %22.15 yesterday, and the May $22.50 Calls (May 18 expiration) closed at $5.60 yesterday.  This one is still a battleground stock, which is needless to say. 

Jon C. Ogg
April 11, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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