Dendreon kept at market outperform by Jefferies

Dendreon was reiterated at market outperform with a $12 price target by Jefferies & Co. Inc. analyst Charles Duncan. Dendreon announced plans to realign its resources to focus efforts on completing the rolling Biologics License Application submission for Provenge and preparing for the drug's commercialization. Jefferies anticipates the restructuring will reduce operating costs in 2006 to $83 million from $92 million and loss projection for the same period to $1.15 per share from $1.27. Shares of the Seattle biotechnology company were down 19 cents, or 3.62%, at $5.06 on volume of 1,080,130 shares versus the three-month running average of 1,003,810 shares. (Nasdaq: DNDN)

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