Maxim Group Upgrades Dendreon Corp. to “Buy” (DNDN)
Dendreon Corp. (NASDAQ:DNDN) was upgraded by equities research analysts at Maxim Group from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $10.00 price target on the stock, up from their previous price target of $3.00. Maxim Group’s target price points to a potential upside of 295.26% from the stock’s previous close.
The analysts wrote, “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.”
Dendreon Corp. (NASDAQ:DNDN) traded up 12.25% on Monday, hitting $2.84. The stock had a trading volume of 11,238,757 shares. Dendreon Corp. has a 1-year low of $2.69 and a 1-year high of $7.22. The stock has a 50-day moving average of $3.50 and a 200-day moving average of $4.29. The company’s market cap is $433.7 million.
Dendreon Corp. (NASDAQ:DNDN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share for the quarter, missing the analysts’ 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 $-1.74 EPS for the current fiscal year.
DNDN has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Dendreon Corp. in a research note to investors on Monday, October 7th. They now have a $3.00 price target on the stock. 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 equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $5.31.
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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