Dendreon Jumps on Analyst Upgrade
Shares of beaten down biotech name Dendreon (NASDAQ: DNDN) are higher during Monday's trading session after the stock was initiated at Needham with a Buy rating. At last check, Dendreon had climbed around 6 percent and was trading at $4.28. This is also where the stock opened the session, so on an intra-day basis, it is flat. Dendreon has struggled mightily in 2012 as sales of its marketed product Provenge have left Wall Street disappointed. Year-to-date, the shares are down nearly 44 percent.
After Monday's jump in its share price, DNDN is now trading a little less than 4 percent above its 20-day moving average. The stock, however, remains 5 percent and 45 percent below its 50-day and 200-day moving averages, respectively.
Dendreon Corporation (Dendreon) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may improve cancer treatment options for patients.
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