08:58 DNDN Dendreon cut to Sell from Buy at Brean Murray; tgt cut to $6 (11.23 )
Brean Murray downgrades DNDN to Sell from Buy and cuts their tgt to $6 from $21, as the co's Analyst Day yesterday and additional analysis of data from trial 9901 has convinced them that it is not worth waiting for another positive catalyst to provide a better price at which to issue a rating downgrade (which they concede is already long overdue). Firm no longer believes that DNDN can manage a partnership deal, as there were suggestions yesterday that the co wishes to commercialize Provenge in the U.S. itself and seek only an ex-U.S. partner, which is not exactly consistent with prior guidance. Even if approved, firm says Provenge is likely to cost tens of thousands of dollars and it involves what could be considered a cumbersome ex-vivo procedure. Therefore, aggressive ex-U.S. mkt uptake is highly unlikely, which should discourage involvement from any potential partner.
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