JP Morgan Reiterates Overweight on Dendreon
JP Morgan has published a research report on Dendreon (NASDAQ: DNDN) after the company pre-announced better than expected sales of Provenge during its 4Q this morning.
In the report, JP Morgan writes, "Coming off an obviously disappointing 2011 and with prevailing sentiment that could be best described as awful (short interest of 21%) but with generally encouraging physician feedback, we continue to believe that DNDN is positioned to surprise to the upside in 2012. Moreover, this type of development could help ease fears that Provenge is not on a sufficient trajectory to attain breakeven profitability (~$500M annual sales), although it will be important for the product to maintain this sequential momentum."
JP Morgan reiterates its Overweight rating on Dendreon, which is currently trading up $3.32 from yesterday's $7.60 closing price.
