Dendreon Corp. (Nasdaq: DNDN) just disclosed that sales of its prostate-cancer drug, Provenge, are growing slower than expected.
Wall Street is making the company pay dearly – shares are down an incredible 65% so far in today’s trading.
The once high-flying biotech said it would start slashing payroll, too.
A prudent move, I suppose, considering that management now sees only “modest” sequential quarterly growth above second-quarter revenue of $49.6 million, compared with a prior projection of $350 million to $400 million. Ouch.
Trump’s Plan to “Make Retirement Great Again”?
The “fake news” media won’t admit it…
But thanks to Trump…
Seniors across America now have a chance to turn a small stake of $100 into a small fortune.
There’s an estimated $11.1 trillion at stake.
Click here to see how you can claim YOUR share.
Also of note here is that, according to FactSet Research, 75% of analysts covering the stock had it listed as a “Buy,” further proving why we never listen to their predictions.
If anyone thinks the stock is being unfairly hammered, please explain why below.
Ahead of the tape,
Publisher, Wall Street Daily