Another Dendreon Price Target Cut

Canaccord Genuity provided 24/7 Wall St. with a research note on its downgrade of Dendreon (NASDAQ: DNDN):

DNDN Target Cut

Following Dendreon’s (DNDN) Q2 2012 results Canaccord Genuity biotechnology analyst Salveen Richter lowered her price target on the company to $6 from $11. Ms. Richter said:

“We would hope that the new sales force and nursing field team hires coming on board in July and August enable a reacceleration in growth (management expects an impact in 1Q13). Nevertheless, we are lowering our peak U.S. Provenge revenue to $594M in FY16 vs. $728M prior and remain on the sidelines due to limited visibility on an improvement in same- store sales, execution and competitive dynamics.”

Ms. Richter had no change to her HOLD rating on the company.

For disclosures about any company mentioned click here.

For corporate disclosures click here.

Douglas A. McIntyre