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Another Dendreon Price Target Cut

Canaccord Genuity provided 24/7 Wall St. with a research note on its downgrade of Dendreon (NASDAQ: DNDN):

DNDN Target Cut

Following Dendreon’s (DNDN) Q2 2012 results Canaccord Genuity biotechnology analyst Salveen Richter lowered her price target on the company to $6 from $11. Ms. Richter said:

“We would hope that the new sales force and nursing field team hires coming on board in July and August enable a reacceleration in growth (management expects an impact in 1Q13). Nevertheless, we are lowering our peak U.S. Provenge revenue to $594M in FY16 vs. $728M prior and remain on the sidelines due to limited visibility on an improvement in same- store sales, execution and competitive dynamics.”

Ms. Richter had no change to her HOLD rating on the company.

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Douglas A. McIntyre