Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced late Thursday that it signed a tentative agreement to buy some assets from Dendreon Corporation (OTCMKTS:DNDN). The purchase also includes Denderion’s prostate cancer drug, Provenge.
By Brian L. Wilson:One of the most surprising turnaround stocks in the biotech sector this year is Dendreon (DNDN), which has moved up over 20% since the start of the year and seems to actually be gaining some bullish traction. Today, we will be taking a look at Dendreon to gauge its new valuation in light of the most recent developments and upcoming catalysts for the stock.
By William Meyers: Back on April 29, 2010, Dendreon (DNDN) announced that Provenge had been approved by the FDA. That day Dendreon opened at $40.09 and closed at $54.58. On March 6, 2009, it had opened at $2.77 per share. Friday DNDN closed at $4.45. Was FDA approval really that meaningless?
Douglas Krohn submits:Last week, Medicare created something of a stir when the agency announced that it would initiate a coverage determination on Provenge, an innovative but nevertheless expensive drug manufactured by Dendreon (DNDN), and approved for use in metastatic prostate cancer.
Michael Shulman submits: I clearly ruffled some feathers with my write-up of Dendreon (DNDN), mostly those of Dendreon bulls, many of them traders who know little if anything about the company. They accused me of everything from being a moron to a child molester because I said an approval for Provenge was not a slam dunk. So let me make myself very clear.
By Brian L. Wilson:It's been a rocky road, to say the least, for Dendreon Corporation (NASDAQ: DNDN) and its investors.DNDN stock has been one of the most disappointing investments of the past few years, with 56% in losses within the last 12 months and roughly 80-90% in losses for investors who bought after the approval of Provenge - the company's flagship product.
Michael Shulman submits: Dendreon (DNDN) investors – and traders long the stock – got what they wanted yesterday with the FDA approval of their treatment for advanced metastatic prostate cancer, Provenge.