Dendreon Downgraded, Sort Of.....

by Jon C. Ogg
24/7 Wall St.



Dendreon (DNDN-NASDAQ) is trading down more than 4% at $21.25 in early trading after JMP Securities downgraded the shares. DNDN closed down 6% at $22.15 yesterday . The “official” rating was cut from a STRONG BUY to that of an Outperform. The reason for the “official” is because of the oddity that while they gave it a downgrade, JMP Securities actually lifted its price target to $24.00 per share from $20.00. The firm believes there is still upside to the stock, but feels valuations are nearing the near-term peak.

We’ll have to see how this one goes as we get closer to that MAY 15 PDUFA at FDA. This one is getting all the buzz in chat rooms today, which can’t be a shock considering how many traders are chatting about this one with volume off the charts.

The stock closed at %22.15 yesterday, and the May $22.50 Calls (May 18 expiration) closed at $5.60 yesterday. This one is still a battleground stock, which is needless to say.


Source: 247WallSt.com



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