Dendreon Corporation (NASDAQ:DNDN) 3Q13 Results Will Be Out On November 12


Dallas, Texas 10/14/2013 (Financialstrend) – The biotech firm Dendreon Corporation (NASDAQ:DNDN) had announced on October 7 that its third quarter operation results will be declared on November 12. Investors in the stock, which has total outstanding shares of 151 million, would be hoping that the 3Q results would be able to rally the stock up from its current depreciated valuation at $2.65 per share. At these valuations, the stock is close to its 52 week low pricing of $2.48 per share. The stock of this $402 million biotech firm has been under a lot of pressure to perform on the browsers over the past many months. It has been down close to 42% over the past 90 days.

In fact on September 27,  DNDN stock has staged a short rally on the back of news that the company executives will present positive date from clinical trials for its test drug in conjuncture with another drug Provenge” at the European Cancer Congress. The drug developer hopes that the stock will rally around in the light of test findings which were taken after administering “abiraterone acetate” along with Provenge. This test drug combination was administered to patients suffering from urothelial cancer.

DNDN has accumulated operational loss of close to $334 million over the past 12 months. It has managed to post sales of $304 million over the past 12 months trailing period. It sales in 2Q had dipped 8.4% in comparison to 2Q12. At current valuations, the stock is trading 41% below its 200 day moving average. With operational margin down 76% over the past 12 months trailing period, analysts and investors of the stock would be hoping that 3Q results will provide the struggling drug developer with enough elbow room. The company will be hoping  to raise new capital which would allow it to sustain operations over the next fiscal year.