Zacks Investment Research upgraded shares of Dendreon Corporation (DNDN) from NEUTRAL to OUTPERFORM on November 07, 2014, with a target price of $1.00.
Dendreon reported a net loss of $0.10 per share in the second quarter of 2014, narrower than the Zacks Consensus Estimate of $0.18 and the year-ago loss of $0.45. Total revenues were up 12.1% to $82.2 million on the back of higher Provenge sales, beating the Zacks Consensus Estimate of $74 million. We are encouraged by the improving sales of Provenge over the last few quarters. Dendreon's efforts for the easy accessibility of the drug are also impressive. We are also encouraged by the company's restructuring initiatives. Significant cost savings from these initiatives will help the company narrow its loss further in the coming quarters. Hence, we upgrade the stock to an Outperform recommendation.
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