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    DNDN Coverage – Return of the Bull

    By Stock Charts | May 31, 2007

    When I saw DNDN’s stock price at +60% this morning I nearly did a double take. “It must be an error,” I thought. But it wasn’t, and our Dendreon (DNDN) rollercoaster ride continues with this mornings announcement regarding the controversial FDA decision regarding Provenge.

    Earlier this month the FDA stated that it would require “additional information” before passing judgment on Provenge. This caused the stock to plummet as investors speculated that an additional clinical trial would be required before Provenge would be reconsidered, stalling the drug’s debut until 2010 at the earliest. However, today’s press release suggested otherwise, indicating that the FDA would be satisfied with results from an ongoing trial. Dendreon’s CEO Mitchell H. Gold states:

    “The FDA indicated that either a positive interim or final analysis of survival, as described in the IMPACT Special Protocol Assessment Agreement, would address their request for the submission of additional clinical data in support of our efficacy claim. We anticipate completing enrollment in the IMPACT study this year and anticipate interim survival results in 2008.”

    While this is clearly good news for Dendreon, I hardly think it warrants the 50-60% increase in the stock price that I saw in today’s open. Undoubtedly, some of this runup was caused by shorts rushing to cover; nostalgically reminiscent of Dendreon’s first fireworks show nearly two months ago. It should be interesting to see where DNDN heads from here.

    As I am typing this, it looks like many speculators are already starting to cash out, dropping the price to $9.40, or a mere 40% increase from yesterday’s close of 6.74.

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