Dendreon Continues to Gain on FDA Recommendation for Prostate Cancer Drug Provenge
Shares of Dendreon Corp., which doubled Friday after the company's prostate cancer vaccine was endorsed by a Food and Drug Administration advisory panel, continued to climb in early trading Monday.
The panel said Dendreon's Provenge could be useful in treating advanced prostate cancer. A final FDA ruling is expected May 15, and the agency usually follows recommendations from its committees. Results from a larger trial of Provenge are expected in May 2008.
Dendreon focuses on cancer drugs. Its has several prostate cancer drugs in late-stage clinical trials, and treatments for ovarian, colorectal and breast cancers in earlier testing. Treatments for those cancers, as well as kidney and cervical cancer, are in preclinical testing.
Analysts for JMP Securities and Banc of America Securities raised their prices targets for Dendreon Friday, but Wall Street overall has mixed views about the Seattle-based company's future. Four analysts reporting to Thomson Financial rate Dendreon stock at "Neutral" or the equivalent, three rate shares at "Sell" or its equal, and two at "Buy" or the equivalent.
Dendreon shares rose as high as $13.87 in early trading on the Nasdaq Stock Market before edging back to a gain of 52 cents, or 4 percent, at $13.45.
The stock closed at $12.93 Friday, up from $5.22 the previous day. Shares set an all-time high of $18.05 during the Friday session.
How does Provenge work?-----This is really cool. They take special immune cells from your body and put them in the laboratory. They then take very precise proteins from cancer cells and growth factors to make the cells grow [dendritic cells--which are the cells the body use to fight cancers and infections. They incubate cancer proteins with the cells basically to piss the cells off! Then they put the pissed off cells back into the patient and let them go to work! Bam.
DNDN is still trading up $1.52 (thats 11.7%) per share at 14.50.
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