Replies to post #3458 on Dendreon Corp fka DNDNQ

[OKY]

OK it was not DNDN but:

Ahead of the Bell: Dendreon Sinks
Thursday May 10, 7:39 am ET

Dendreon Falls Further After Provenge Delay, Analyst Says More Trouble Ahead
NEW YORK (AP) -- Shares of Dendreon Corp., which plunged Wednesday after a ruling on its drug Provenge was delayed, continued to decline in premarket electronic Thursday due to a Banc of America analyst downgrade.
The Food and Drug Administration requested more data about the prostate cancer vaccine before the markets opened Wednesday. Dendreon stock had more than tripled since March on speculation that the FDA would approve the drug later this month, following a recommendation from an advisory panel. Shares gave up most of those gains on the news.
William T. Ho said the agency will probably require data from a late-stage trial of Provenge that will be completed in 2010. He downgraded the stock to "Sell" from "Neutral," and does not expect any other news to boost the stock price.
The company will also need a substantial amount of money to continue funding its clinical trials, he said, meaning it may have to dilute the stock price by offering more shares. Ho set a price target of $4, implying the stock will fall 36.8 percent from Wednesday's close over the next year.
"We are not convinced about the effectiveness of Provenge," he said. In his view, the drug's benefits are questionable and the most recent study of Provenge -- which provided the basis for the panel's recommendation -- had design flaws that could have made the vaccine appear more effective.
Shares of Seattle-based Dendreon fell 47 cents, or 7.4 percent, to $5.86 premarket. The stock closed at $6.33 Wednesday.