Cantor Fitzgerald raised its price target on Dendreon (NASDAQ: DNDN) from $6 to $7 Wednesday, but maintained a Hold rating, ahead of Q4 results due on Monday, February 25, 2012.
The firm updated the financial model to reflect roughly $4 million upside (excluding reversal of chargebacks) versus revenue forecast. They now expect 4Q:13 EPS non-GAAP ex- SOE of ($0.26) versus ($0.51) on sales of $81.6 million versus its prior forecast of $77.2 million.
"We have been of the opinion that expectations for Provenge are likely too low overall and that Provenge will find a place in the treatment of CRPC above the current trend. However, it has also been our assertion that this could take a bit some time to play out given near-term competition," the analyst said. "We continue to believe this, but the further out in 2013 we get, the more likely we are to see a more compelling trend, in our view."
For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.
Shares of Dendreon closed at $6.23 yesterday, with a 52 week range of $3.69-$17.04.
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