Roth Capital Sees Downside in Dendreon Corporation Shares
In a research note issued today, Roth Capital reiterated coverage with a “Sell” rating on Dendreon Corporation (DNDN) and lowered its price target to $0.50 from $1, following the departure of Dendreon’s CEO, John Johnson who was brought on board following the departure of Mitch Gold in order to turn Dendreon around.
Roth Capital analyst Dr. Joseph Pantginis noted, “We do not recommend holding the shares in hopes of a turnaround in the next 12-24 months. With significant commercial and competitive headwinds still facing the company in our belief, we reiterate our Sell rating”.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, Dr. Pantginis, who covers DNDN, has a one-year average return of 1.4% and a 43% success rate.