Dendreon Corp. Shares Surge 7% On FDA approval rumor (DNDN)

Speculative biotech company, Dendreon Corp. (NASDAQ: DNDN) shares are surging nearly 7% in mid day trading on rumors of a potential FDA approval of its prostate cancer drug Provenge by May 1.

By mid day 4 million shares have already traded, average volume 2.2mil. The volume is being confirmed by options traders snapping calls, specifically the May 35's.

The past few months Dendreon's Corps.(DNDN) shares have seen wild gyrations in hopes of FDA approval. With the stock currently trading at 52 week highs, it appears there is great upside potential.

52 week range: 2.55-31.50