UPDATE: Wedbush Lowers PT on Dendreon from $4 to $3

Wedbush reiterated an Underperform rating on Dendreon Corp. DNDN and lowered its price target from $4 to $3. Wedbush commented, “All-in, we view the sales force turnover as symptomatic of the headwinds DNDN faces in increasing top-line Provenge revenues. We find it not coincidental that the difficulties in sales force retention and selling Provenge occurred after JNJ's presentation of Zytiga's Phase III data in pre- chemotherapy patients.” Dendreon Corporation closed at $6.18 on Monday.