Dendreon Corp. Shares Hit New 52-week High

Dendreon Corp. (NASDAQ:DNDN) shares touched $42.60 today, that makes a 12 month 109% gain as investors anxiously await on the May 1st decision on the company's multi billion dollar drug Provenge.

What to Expect From Dendreon's Provenge

(Minyanville.com) Get ready for Dendreon (DNDN) to take a major leap (or potential slump) this week as the FDA decision concerning its prostate cancer vaccine Provenge rapidly approaches.

Provenge’s PDUFA is set for May 1, but since that’s a Saturday, it’s likely that the FDA will come to a decision about the approval of the drug sometime this week. Investors should be at the ready -- any word from the FDA could tank the stock or send it soaring.

An outright approval -- which is what many investors and analysts expect -- will likely send the share price up beyond its current price of $42, but any sort of further delay in the approval of the cancer vaccine is more than likely to send the stock plummeting, even if it’s only a minor setback for the drug’s approval. (Shares of the drug fell more than 10% when rumors surfaced in early March that the FDA might hold another advisory panel for the drug.)

This isn’t the first go-around for Dendreon investors with Provenge -- the drug was infamously delayed two years ago and the FDA went on to seek more data. In the meantime, a slew of accusations were thrown around concerning conflicts of interest and some of the doctors on the original advisory panel. Hopefully for Dendreon, the second time is the charm. The company has been battling bears in the stock market and problems with FDA management over the past few years as the stock has gone from its current price above $40 to $2.55 and back again.

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SOURCE: http://www.minyanville.com/businessmarkets/articles/dendreon-fda-provenge-stock-investors-cancer/4/26/2010/id/27974