Dendreon (DNDN) Bear Now A Full-Fledged Bull

The bearish, turned Neutral, Brean Murray analyst on Dendreon (Nasdaq: DNDN) is now a full- fledged bull. Today, he upgraded the stock from Hold to Buy and set an aggressive $35 price target following yesterday's positive details on the PROVENGE IMPACT trial.

The firm said, "yesterday's Phase 3 IMPACT trial data fully delivered on what was promised in Dendreon's conference call two weeks ago. We believe that the p-values and confidence intervals, although close to being borderline, support approval because there appears to be no other way to explain the clear survival difference. Even the most worrisome adverse effect from the earlier pooled trial results (cerebrovascular accident CVA) was perfectly balanced in the IMPACT trial."

Notably, Brean Murray had a Sell rating on Dendreon into the April 14 preliminary positive IMPACT trial data. Following that data he moved to Neutral, now Buy with the details.

For more analyst ratings on Dendreon click here.

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