Dendreon Up on Provenge Data - Analyst Blog

Dendreon Corporation DNDN announced that it presented data from the ProACT and IMPACT studies on Provenge at the annual meeting of the American Urological Association (AUA). Dendreon's shares gained around 8% following the announcement.

Data from the studies revealed that Provenge treatment results in antigen spread associated with overall survival benefits. Moreover, Dendreon presented data from the phase IV PROCEED study on Provenge in patients suffering from metastatic castration-resistant prostate cancer. Data from the PROCEED study revealed that treatment patterns for urologists and oncologists were similar in Provenge patients.

We note that Provenge is the sole marketed product at Dendreon. The drug was approved in the U.S. for treating advanced prostate cancer in May 2010. Provenge has performed below expectations since its launch.

Last year, Provenge was approved in the EU for the treatment of asymptomatic or minimally symptomatic metastatic (non-visceral) castrate resistant prostate cancer in adults. Provenge sales came at $68.8 million in the first quarter of 2014.

Provenge's performance was hit by the entrance of Johnson & Johnson's JNJ Zytiga in the prostate cancer market. Zytiga, launched in the second quarter of 2011, has been putting in an impressive show.

At present Dendreon is entirely dependent on Provenge for growth. Moreover, the company lacks a decent pipeline with none of its candidates likely to hit the market in the near future.

Dendreon carries a Zacks Rank #3 (Hold). Some other stocks worth considering include Gilead Sciences Inc. GILD and Alexion Pharmaceuticals, Inc. ALXN. While Gilead carries a Zacks Rank #1 (Strong Buy), Alexion holds a Zacks Rank #2 (Buy).

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