Dendreon climbs early on Provenge optimism (DNDN, SNY, BMY, GSK)
July 6, 2009 · Filed Under General
Dendreon (Nasdaq: DNDN) shares are among the market’s most active in the premarket as of 9 a.m. Eastern, up more than 5 percent with nearly 80,000 shares traded, following a price target increase at a boutique research firm.
Meriman reiterated a Buy rating and raised its target on Dendreon to the $49 to $50 range, up from a previous range to $33 to $34. The firm said it believes that based on the favorable safety profile of Provenge, it could gain significant market share in treating prostate cancer.
The firm added that partnerships are possible in the upcoming months, and the firm sees Sanofi-Aventis (NYSE: SNY), Bristol Myers (NYSE: BMY) or GlaxoSmithKline (NYSE: GSK) as potential partners.
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