UPDATE: Wedbush Lowers PT on Dendreon from $4 to $3
Wedbush reiterated an Underperform rating on Dendreon Corp. (NASDAQ: DNDN) and lowered its price target from $4 to $3.
Wedbush commented, “All-in, we view the sales force turnover as symptomatic of the headwinds DNDN faces in increasing top-line Provenge revenues. We find it not coincidental that the difficulties in sales force retention and selling Provenge occurred after JNJ's presentation of Zytiga's Phase III data in pre- chemotherapy patients.”
Dendreon Corporation closed at $6.18 on Monday.
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