Needham Keeps 'Strong Buy' on Dendreon

Analyst Mark Monane cites the company's positive results for a late-stage cancer drug trial

Needham reiterated his strong buy rating for Dendreon (DNDN ).

Analyst Mark Monane says data demonstrated Provenge's effect in the hardest-to-achieve clinical outcome (survival), and further validates the previous benefits seen with the vaccine in radiographic (time-to-disease progress), clinical (delay of bone pain onset), and immunological (T-cell proliferation) outcomes.

While Provenge (Phase 3, unpartnered) will likely not reach the market until the first quarter of 2006, he sees many events to stimulate investor interest over the next 6-to-12 months, including the completion of enrollment of another Provenge Phase 3 trial,and a marketing partnership for Provenge. He has a $15 12-month target.

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