The stock analysts like everything they've seen about Dendreon's new data on the prostate cancer vaccine Provenge. They like it so much, some think the biotech has made itself an appealing buyout target among the hungry pharma companies roaming the world for new takeovers.
"If you look at a product like Provenge that could be on the market by mid next year, that's a product that could be instantly accretive to earnings," Joe Pantginis, an analyst for Merriman Curhan Ford & Co., told Reuters. Of course, there's a small matter of FDA approval to work through, first. But as the Wall Street Journal wryly notes, biotech companies with worse prospects have been gobbled up.
Nasdaq is probing why Dendreon's shares suddenly tanked just before it announced positive data for Provenge.
- read the report from the Wall Street Journal