Thursday, April 29, 2010
Dendreon spikes 6points on PROVENGE approval....(DNDN)
Shares of Dendreon (DNDN) are spiking up to $47 on reports that the FDA has approved their PROVENGE prostate cancer vaccine, which was widely expected to be approved.
There has been disagreement over what the shares could be worth. Brean Murray, to their credit, said that their peers were wrong to bail on the stock at $40, saying that "peak stock performance tends to occur early in the launch of therapeutics with high potential." They are being proved right so far, as the shares briefly hit $47 and now drift slightly lower.
The company's market cap is trading above the $5billion in expected sales within the fist couple years on the market.
Posted by Brendan Wagner at 9:39 AM