Investors Show Confidence in Dendreon
EP Vantage submits:
It has been a good week for Dendreon (DNDN). First, the FDA, prodded by rumours to the contrary, announced that it had not scheduled another advisory committee to review the application for cancer vaccine Provenge, leaving only a May 1 PDUFA date standing in the way of a product launch (Event – Dendreon’s Provenge PDUFA clouded by adcom worry, February 2, 2010). Then the company announced follow-up data from a pivotal study affirming that the vaccine significantly increased three-year survival and overall survival in patients with metastatic castrate-resistant prostate cancer when compared to placebo.
Continuing a trend of volatility, Dendreon shares have gained 14% over the week on the back of the two news items, hitting a record high of $35.68 in morning trade Friday, valuing the company at a staggering $4.78bn. Investors were buoyed by hope that the FDA had dispensed with a second adcom – the drug was already backed by the Cellular, Tissue and Gene Therapies Advisory Committee in 2007 – and clearly the positive follow-up data only served to raise spirits further.
Investing, Long Term Investment, stock market | admin March 7, 2010
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