UPDATE: Bank of America Merrill Lynch Downgrades Dendreon to Underperform

Bank of America Merrill Lynch is out with its report today on Dendreon DNDN, downgrading DNDN from Buy to Underperform. In its report, Bank of America Merrill Lynch writes, "We are downgrading DNDN shares from BUY to Underperform and substantially lowering our PO, from $50 to $16. The significant shift in our valuation and rating on the stock is driven by: (1) 2Q Provenge sales missed our estimate by 14% during a quarter when we had minimal monthly growth assumptions (2) July sales show almost no growth vs est. June sales (3) the company expects modest Q/Q growth going forward based on initial August bookings (4) lack of company visibility into true demand." At the time of posting, shares of DNDN were trading pre-market at $13.10, down 63.45% from Wednesday's close.