UPDATE: Bank of America Upgrades Dendreon to Neutral

Bank of America raises its rating on Dendreon

and raises its price objective to $16 from $8 on constructive survey outlook. Bank of America comments, "We are upgrading DNDN from Underperform to Neutral following the recent management change that offers a better outlook on the company's long term plan, and results from our 75 physician survey that support a more constructive near term view on growth. Our PO increases from $8 to $16, driven by an increase in Provenge sales, lower costs, and increased probability of success. Key risks to valuation include management's ability to contain costs while driving revenues, and potential failure to achieve meaningful ex-US revenues/profits." DNDN closed at $13.94 a share on Thursday.