Price Target on Dendreon Slashed from $1 to $0 at Wedbush, Says Expecting Restructuring of Convertible Debt

Wedbush maintains Dendreon Corporation DNDN with a Underperform and lowers the price target from $1.00 to $0.00. The firm's David Nierengarten believes the company is likely looking at a "radical restructuring" of its convertible debt, a move which will effectively wipe out equity value. An arguing point for bulls has previously been the company's possible M&A value, however Nierengarten believes possible suitors are probably no longer interested in Dendreon's "shrinking" sales and bottom line which is "overly cost burdened." Shares of Dendreon are down more than 18 percent to around $3.75 in Friday's pre-market session.