Brean Murray Comments on Dendreon (DNDN) Following Friday's Run-Up

Brean Murray comments on Dendreon (Nasdaq: DNDN) this morning, following Friday's 38% run-up, which they said was related to competitor's call with a physician in the field and word Provenge Phase 3 trial results being slated for potential presentation on April 28 at the American Urological Association annual meeting. Brean Murray said neither of these changes anything fundamental about the trial outcome.

The firm said, "We believe the placeholder at the upcoming AUA annual meeting is non-informative, as the results of the large IMPACT trial would be interesting to see regardless of the outcome. The strong emotions on both sides of this story make for some difficult-to-tolerate volatility, but we firmly believe that selling into Friday's price action rather than covering and running for the hills will prove the wiser move come the end of April. We expect nothing of a fundamental nature to occur prior to the release of the IMPACT results and believe the only risk to our rating to be short squeezes."

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