UPDATE: Citigroup Lowers PT on Dendreon Corporation from $7.00 to $6.50

Citigroup maintained a Neutral rating on Dendreon Corporation

and lowered its price target from $7.00 to $6.50. Citigroup noted, “Q2:12 Provenge sales of $80M were below consensus $85.2M and Citi $87.5M. Despite 874 infusion centers that are users, the lack of demand for Provenge is the key issue and the stock remains a show me story in our view. The Price (30 Jul 12) US$6.18 restructuring announced today is a step in the right direction, but given the lackluster demand, we are concerned about Dendreon's ability to repay the 2016 debt.” Dendreon Corporation closed at $6.18 on Monday.