UPDATE: Maxim Upgraded Dendreon and Raised PT from $3 to a Whopping $10

Maxim Group analyst Jason Kolbert upgraded Dendreon Corp. DNDN from Hold to Buy and raised the PT from $3 to $10. Kolbert noted that the target acquisition value is based on a possible 45% in margins pending on if SG&A spending becomes an "incremental expense" to the buyer positioned in the prostate cancer market. The analyst commented that Provenge can generate "significant free cash flow under the right corporate structure." Earlier, Wedbush reported that Dendreon probably won't find a buyer. Dendreon closed at $2.53 on Friday and is currently trading +15.49%.