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Dendreon Corp. (DNDN)
Through the use of antigen engineering and proprietary cell separation technologies, Dendreon Corp. (DNDN - Analyst Report) develops therapeutic vaccines, monoclonal antibodies, and small molecules to treat a variety of cancers.
The company's key product candidate, Provenge, received a positive opinion from the FDA expert panel on March 29, 2007. However, the FDA granted an approvable letter on May 9, 2007. IMPACT phase III trial met its endpoints with statistical significance.
We estimate the FDA will approve Provenge in 1H10. Therefore, we upgrade DNDN shares to Buy from Hold with a price target of $25.00.
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| Market Summary | Nov 08, 2009 05:20 am ET |
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