UPDATE: Citi Lowers PT on Dendreon to $14

Citi is out with its report today on Dendreon DNDN, lowering its PT from $36 to $14. In its report, Citi writes, "Our $14 per share target price is based on using a 27 x P/E multiple on the company's 2014 EPS estimate of $0.73 with a discount rate of 15% per year. We are using a slightly lower P/E multiple, comparing to a median of the peer group (33x), as we believe it is more appropriate given recent results." Citi maintains Hold on DNDN. At the time of posting, shares of DNDN were trading pre-market at $13.25, down 63.03% from Wednesday's close.