Rodman & Renshaw Reiterates Outperform Rating on Dendreon

Rodman & Renshaw is out with a research report this afternoon, where it reiterates its Outperform rating on Dendreon DNDN; it has a $17.00 price target on the stock, from $63. The R&R analysts cited the company's recent earnings results, which were worse than expected. The company reported 2Q11 Provenge sales of $49.6 MM, which was off from the analysts' projection of $61.5 MM. As for valuation, the analysts remarked, “We are reiterating our Market Outperform rating for Dendreon but lowering our price target to $17 (previously was $63) based on a discounted 2015 EPS and revenues valuation analysis. The bottom-line is that significant uncertainity exists in the near-term.”