Deutsche Bank Maintains Buy on Dendreon after CEO Steps Down

Deutsche Bank has published a research report on Dendreon DNDN after the announcement that CEO Mitch Gold is stepping down. In the report, Deutsche Bank writes, "New CEO John Johnson has history of M&A. Successfully sold ImClone to Eli Lilly & attempted to sell Savient. Our Take: M&A history of new CEO & a fresh perspective might benefit the company's near term strategy. We will have more opinion once we understand Johnson's strategy for the company." Deutsche Bank maintains its Buy rating and $20 price target on Dendreon, which closed yesterday at $13.58.