Analysts at Cowen & Co initiate coverage of Dendreon Corp (NASDAQ: DNDN) with an "outperform" rating.
The analysts say that their confidence in the potential of Dendreons Provenge product is high. Factors that give us confidence around this catalyst include the positive survival data seen in two Phase III studies, Provenge.s benign safety profile relative to other cancer therapies, support from multiple thought-leading oncologists and the prior positive FDA panel vote, the analysts mention. With the drug now supported by survival data from two Phase III studies, a benign AE profile, and the endorsement of leading physicians, we think FDA approval is >90% likely, Cowen & Co adds.
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