Zacks Reiterates “Neutral” Rating for Dendreon Corp. (DNDN)
Dendreon Corp. (NASDAQ:DNDN)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Monday, Analyst Ratings News reports. They currently have a $3.00 price target on the stock. Zacks‘ target price would suggest a potential upside of 7.91% from the company’s current price.
Zacks‘ analyst wrote, “Dendreon’s second-quarter 2013 loss of $0.41 per share was narrower than the year-ago loss of $0.59 and the Zacks Consensus Estimate of a loss of $0.43 per share. The company’s second quarter sales were disappointing, declining around 8.3% to $73.3 million. We are disappointed with Provenge sales in the first half of the year. Moreover, management’s statement at the second quarter conference call that the company’s 2013 Provenge sales will not be able to beat the 2012 sales figure is also concerning. We are apprehensive about Dendreon’s high dependence on Provenge for growth. We expect investor focus to remain on Provenge’s performance. We maintain our Neutral recommendation on the stock. Our target price is $3.00.”
A number of other firms have also recently commented on DNDN. Analysts at Maxim Group upgraded shares of Dendreon Corp. from a “sell” rating to a “hold” rating in a research note to investors on Wednesday, September 18th. They noted that the move was a valuation call. Separately, analysts at Needham & Company reiterated a “positive” rating on shares of Dendreon Corp. in a research note to investors on Tuesday, September 17th. Finally, analysts at R. F. Lafferty initiated coverage on shares of Dendreon Corp. in a research note to investors on Monday, September 9th. They set a “buy” rating and a $8.00 price target on the stock. Nine analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $5.00.
Dendreon Corp. (NASDAQ:DNDN) traded down 0.36% during mid-day trading on Monday, hitting $2.7701. The stock had a trading volume of 1,000,115 shares. Dendreon Corp. has a 52 week low of $2.69 and a 52 week high of $7.22. The stock has a 50-day moving average of $2.99 and a 200-day moving average of $4.. The company’s market cap is $423.0 million.
Dendreon Corp. (NASDAQ:DNDN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.42) by $0.03. The company had revenue of $73.30 million for the quarter, compared to the consensus estimate of $75.61 million. During the same quarter in the prior year, the company posted ($0.61) earnings per share. The company’s quarterly revenue was down 8.3% on a year-over-year basis. Analysts expect that Dendreon Corp. will post $-1.72 EPS for the current fiscal year.
Dendreon Corporation (NASDAQ:DNDN) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may significantly improve cancer treatment options for patients.
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