RBC Sets Likelihoods For Dendreon Sale Possibilities Moving Forward, Cuts Target To $3
RBC Capital's Michael Yee issued a note on shares of Dendreon (NASDAQ: DNDN) Wednesday morning suggesting the company's "best and easiest" solution for the company.
Yee said a Dendreon sale price would likely not be much higher than where the stock is currently priced. He feels the company's lofty enterprise value will likely be the reason for this.
The RBC analyst placed a 70 percent likelihood Dendreon shares will remain at current levels or fall markedly lower to $1 over the long term. He placed a 30 percent chance Dendreon could announce a partnership within Europe or sell assets, pushing shares into the $3-4 range.
Yee maintains a Sector Perform rating on shares of Dendreon. He lowered his price target from $5 to $3.
Dendreon shares last traded up 0.7 percent to $2.79.
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