Decoding Dendreon's Wild Ride

Shares of the developer of Provenge, a vaccine that targets prostate cancer, have set a new standard for volatility. Timeand the FDAwill tell where they land

Stocks in development-stage biotech companies set a high bar for their volatility. But even in that rarefied category, Seattle-based Dendreon (DNDN) is a standout. In the last three months, the cancer-vaccine developer has seen its shares trade below $4 and at a high of $25.25. On June 1, shares were trading around $8, down almost 40% from the previous day's peak of $13.

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