Dendreon Maintains Buy on Dendreon After Provenge Sales Report

Deutsche Bank has published a research report on Dendreon DNDN after the company reported $82M in Provenge sales during 4Q and is trading up ~50% today since market open. In the report, Deutsche Bank writes, "DNDN just reported $82M in 4Q11 Provenge sales, AHEAD of Street consensus of ~$70M. Doc checks indicate that there has been an increase over the last 3 months in Provenge use/demand. Our doc checks have not been at small communities, but at the larger centers where reimbursement hasn't been an issue. Dendreon confirmed it is seeing same store growth for the first time. As of end of 4Q11 the co had 615 sites that had infused the product or have their patients scheduled for the first Provenge regimen. This is UP from 525 sites at the end of 3Q11." Deutsche Bank maintains its Buy rating and $20 price target on Dendreon, which is currently trading up $3.35 from yesterday's $7.60 closing price.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorReiterationIntraday UpdateAnalyst RatingsDeutsche BankPROVENGE
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!