Ahead of Earnings: Analysts Fight Over Dendreon (DNDN)

May 2, 2011 · Filed Under analyst calls, Cancer, dendreon 

Dendreon Corporation (NASDAQ: DNDN) was just highlighted on Saturday morning as being on of the top analyst calls of the week because ThinkEquity had initiated coverage of Dendreon with a “Buy” rating at the firm with a price target objective of $50.00 per share.

This Monday came a new analyst call from Credit Suisse that is almost the exact opposite.  Credit Suisse started coverage with an “Underperform” rating and only a $29.00 price target objective. 

What makes both of these calls so important is that this is ahead of this week’s expected earnings report.  Credit Suisse was cautious on peak-Provenge sales, while ThinkEquity was positive on peak-Provenge sales.
Dendreon earnings are due shortly and remains a story around guidance for late-2011 and into 2012 rather than it is an earnings story for the last quarter. Provenge sales are just getting going and Thomson Reuters has estimates of -$0.70 EPS and $28.86 million in revenues; next quarter estimates are -$0.69 EPS and $58.3 million in revenues.

The Thomson Reuters estimates for 2011 are -$2.24 EPS and $369.7 million in revenues, but the 2012 estimates are $0.30 EPS and about $860.5 million in revenues.

This is one of those instances where research teams basically have access to the same data yet have differing conclusions.  That is what makes a ball game.

Shares closed at $43.43 on Friday and the stock is down 1.2% at $42.90 in pre-market trading this Monday.

JON C. OGG

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