Market Overview

Dendreon Surges 12% on Continued Speculation

Shares of Dendreon (NASDAQ: DNDN) saw increased strength during Tuesday's early morning trading session as investors bid up shares on further speculation that the company may be in the works of selling itself.

There were rumors spreading on Twitter that Celgene (NASDAQ: CELG) could be looking to acquire Dendreon. Ian Estepan @ianestepan said, "There is nothing stronger than the hope trade... $CELG for $DNDN making the rounds again..."

A couple analysts that Benzinga spoke with said they have not heard of any M&A talks.

Recently elected Dendreon CEO John Johnson is working out of New Jersey, even though the company is based in Seattle. Many are speculating he remains in New Jersey in an effort to sell the company.

Benzinga has reached out to Dendreon, but they have not commented.

Tuesday, shares of Dendreon traded up over 12 percent, at about $6.97 per share.

Posted-In: Ian EstepanNews Rumors Small Cap Analysis M&A Intraday Update Movers Trading Ideas Best of Benzinga

 

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