JMP reiterates Dendreon at strong buy

Dendreon Corp. was reiterated by JMP Securities analyst Charles C. Duncan at strong buy and a $12 price target. The company's Provenge Biologics License Application filing is on track for year-end 2006. The Protect study shows good safety and efficacy; according to the analyst. In addition, the company reported third-quarter financial results that were roughly in line with JMP's and the Street's estimates. Shares of the Seattle, Wash.-based biotechnology company were down 24 cents, or 4.39%, at $5.23. (Nasdaq: DNDN)

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