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.
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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