Dendreon Corporation (NASDAQ:DNDN) received approval from the European Medicines Agency for Medicinal Products


Dallas, Texas 07/17/2013 (Financialstrend) – Dendreon Corporation (NASDAQ:DNDN) had recently announced the receipt of approval by the European Medicines Agency for Medicinal Products for Human Use which had granted the use of PROVENGE to be used for the treatment of patients suffering from minimally Symptomatic or Asymptomatic Metastatic castrate resistant prostate cancer in European Union. This recommendation of the product by CHMP had further been followed by another positive recommendation made by Committee for Advanced Therapy.

The final regulatory decision from the European Commission is expected to be announced later this year on the drug which is aimed at serving the unmet needs in the pharmaceutical sector. The recent developments reported by the company on its principal drug had enable the bio pharmaceutical player to surge the stock prices significantly in the recent trading sessions except for the minimal corrections in between as recorded on Tuesday. The recent approval for marketing the principal drug PROVENGE had further encouraged bullish movements in the stock prices which had gained by around 11 percent in the past one month. Investors could further expect to grab returns from DNDN in the recent future through the surges in the share prices.

Shares of Dendreon Corporation opened at $4.62 per share on Tuesday and thereafter declined by 1.09% to close at $4.52 for the day. There had been intraday price movements in the stock within the range of $4.50 as low price to $4.68 as high price. The stock has 52 week low at $3.69 and 52 week high at $7.22 per share. The company has 157.76 million shares outstanding in the market which gives it a market cap of $713.08 million and there is institutional ownership in the capital at 59% of the stock. DNDN witnessed the trade of 2.76 million shares on Tuesday, while the average level is at 3.46 million shares per day.