Dendreon Jumps as More Doctors Prescribe Cancer Therapy
Dendreon Corp. (DNDN) rose the most in nine months after announcing a third-quarter loss that was less than analysts’ estimates and saying more doctors are using its prostate cancer drug Provenge.
The biotechnology company jumped 16 percent to $4.47 at the close in New York, its biggest single-day advance since Feb. 6. The Seattle-based drugmaker had a loss of 33 cents a share, excluding a restructuring charge. Analysts had expected a loss of 82 cents, according to the average of 22 estimates compiled by Bloomberg.
Urologists prescribing Provenge grew 14 percent in the quarter, Dendreon said today in a statement. The number of oncologists doing so fell by less than 1 percent, an improvement from an 8 percent slide in the second quarter. The medicine accounted for two-thirds of Dendreon’s sales last year and faces competition from new drugs from Johnson & Johnson (JNJ) and Medivation Inc. (MDVN)
“We delivered strong growth in urology and have continued to improve results in oncology,” Chief Executive Officer John H. Johnson said in a statement today.
The quarter’s net loss of $154.9 million, or $1.04 a share, compared with a net loss of $147.1 million, or $1, a year earlier, Dendreon said.
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