UPDATE: JP Morgan Downgrades Dendreon to Neutral Post Q2 Results

JP Morgan reduced its rating on Dendreon DNDN from Overweight to Neutral and lowered its price target from $15 to $6. JP Morgan noted, "We are downgrading DNDN to Neutral from OW on the heels of the company's 2Q report and restructuring announcement. While management took difficult yet decisive action with regard to restructuring (thus lowering the breakeven threshold by 20%), this move may be too little, too late. That's because the restructuring is overshadowed by the first sequential decline in Provenge sales since the product's launch in 2010." Dendreon closed at $6.18 on Monday.