Rodman & Renshaw Reiterates Dendreon Market Outperform, Lowers PT

Rodman & Renshaw reiterated its Dendreon DNDN Market Outperform rating and lowered its Dendreon price target from $63 to $17 in a research report published today. In the report, Rodman & Renshaw states, "Given the significant decrease in market valuation (-64%), and the fact that shares are trading at pre-approval levels, we believe patient investors may be rewarded as clarity surrounding reimbursement and the prostate cancer landscape is achieved." Shares of Dendreon were trading at $11.91 at the time of posting, down 66.74% from Wednesday's market close.