Dallas, Texas 02/07/2014 (FINANCIALSTRENDS) – The recent 4th Quarter earnings of Dendreon Corporation (NASDAQ:DNDN) are perfectly in line with what was assumed by many investment and trading analysts. Company gave a solid number of 10 percent increase in the drug sales segment for the 4th quarter and now many analysts are terming it as the outcome of the seasonality helping drive.
Another reason which leads to the profitability is the cost cutting measures adopted by the company during last summer. This cost cutting involved cutting of 150 jobs and the reduction in the annual cost by whopping $125 million. Benefits from these cost cutting steps are now seen in the 4th quarter results and everybody is appreciating these efforts. There are many investment and trading analysts who are seeing a hammer chart pattern in the stock and have suggested a buy call on this stock.
An overview of the company
Dendreon Corporation is a Seattle based Biotechnology Company and the lead product offered by the company is called as Provenge and it proves to be quite beneficial in treating the Prostate Cancer. The special thing about this drug is that it contains patient’s own blood cells that are incubated with Dendreon fusion protein.
The phase 3 clinical trial of this drug was presented in 2009 and has been approved by the FDA in 2010. Dendreon Corporation (NASDAQ:DNDN) was founded by Edgar Engleman and Samuel Strober in 1992. They started this company based on the research that happened in their laboratories at the Standford University School of Medicine. Initially this company was named as Activated Cell Therapy which was later changed to Dendreon Corporation when they moved the company to Seattle in Washington. Company has also filed for patents of their different drugs and is quite hopeful that all of their innovations will be approved in a very short span of time.