Dendreon (NASDAQ:DNDN) Shares Soar

Technology Stocks News 4

Shares of Dendreon (NASDAQ:DNDN) gained 16% in late morning trade Monday as investors responded enthusiastically to the biotechnology company’s Q4 results and its announcement it will make its Provenge prostate-cancer treatment commercially available in Germany and the U.K.

The company reported a narrower-than-expected Q4 adjusted loss on revenue that was above Street estimates and saw its stock trade at $3.34 with 14.1 million shares changing hands, almost 4 times the three-month daily average volume of 3.7 million. The stock has a 52-week range of $2.23 to $6.20.

Dendreon (NASDAQ:DNDN)‘s Q4 loss widened in the latest period to $88.7 million, or $0.58 a share, from a loss of $38.7 million, or $0.26 per share, a year earlier. But excluding one-time items, its loss narrowed to $0.17 per share from $0.30 per share, smaller than the loss of $0.24 per share analysts had expected, using Capital IQ data.

Revenue declined 12% to $74.8 million, but that was above the $72.9 million mean estimate of analysts polled by Capital IQ.

The company said it expected Q1 revenue to be consistent with its prior-year results, adding it is on track with its restructuring and cost-reduction plan to accelerate its path to profitability.

Dendreon (NASDAQ:DNDN) said it making its Provenge prostate-cancer treatment available in Europe using contract-manufacturing organization PharmaCell, starting with Germany and the U.K. It plans to expand further in Europe once automation is approved and is preparing for discussions with European regulatory authorities on that topic.

In the U.S., the company said it recently held “a constructive meeting” with the Food and Drug Administration regarding automation of the PROVENGE manufacturing process, with the FDA expressing its support for the effort.

In Other News

Asian American Depository Receipts slipped on Monday amid ongoing tensions between Ukraine and Russia which investors fear will escalate into military conflict.

At issue is souring global investor sentiment and any potential disruptions to shipping of crude oil and other natural resources in the area.

The Bank of New York Asian index of American depositary receipts slid 1% to 147.42.

Some 12 of 15 Japanese issues dropped while 66 of 97 Chinese ADRs posted declines.

Hanwha SolarOne (NASDAQ:HSOL), a manufacturer of silicon ingots and photovoltaic cells in China, fell 5.9% to $2.87 and China Ming Yang Wind Power Group (NYSE:MY), a Chinese wind turbine manufacturer, slipped 6.2% to $3.80. Vipshop Holdings (NYSE:VIPS), an online discount retailer. fell 4.6% to $125.30 and Trina Solar (NYSE:TSL), a designer and manufacturer of ingots, wafers, cells and solar modules, fell 5.6% to $15.14. The four lead the Chinese downdraft.

Offsetting losses in most China-based issues was Sohu.com (NASDAQ:SOHU), an online media, search and mobile services group in China, which said Monday that its co-president and chief operating officer Belinda Wang resigned for personal reasons. Sohu.com ADRS rose 0.4% to $85.32.

Advantest (NYSE:ATE), a semiconductor equipment company, fell 3.7% to $10.60 and computer equipment maker NIDEC (NYSE:NJ) fell 3% to $29.83 to lead the broad Japanese ADR decline. Offsetting losses in Japanese ADRS was a 1% gain in Honda Motor (NYSE:HMC), to $36.40.

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