Dendreon Corporation (DNDN) Company Brief
Dendreon Corporation (DNDN) Company Brief
Dendreon Corporation (NASDAQ: DNDN), this week, announced that the Centers for Medicare and Medicaid Services (CMS) initiated a National Coverage Analysis (NCA) of PROVENGE®.
Dendreon has said that the CMS, through the announcement of NCA, is requesting public comments on PROVENGE’s effect on health outcomes in patients with prostate cancer and is not a Medicare coverage policy. The NCA will not have any effect on existing coverage decisions and will also not restrict local Medicare contractors from covering PROVENGE. This means that private payers will still cover PROVENGE.
Dendreon has said that it looks forward to the chance to continue its discussions with CMS about how PROVENGE will be provided to Medicare beneficiaries.
Shares of Dendreon Corporation are down in today’s trading. The stock touched a low of $28.54 in mid-day trading and at last check; it was down 4.08% to $28.90, with volume at 5.05 million.
The stock has a 52-week range of $21.25-$57.67. It is currently trading below its 50-day and 200-day moving averages of $41.30 and $33.19, respectively. The stock has seen support at $25.80 and has met with strong resistance at $33.45. The other support levels for the stock are at $26.90 and $28.52.
The consensus recommendation on the stock is Outperform. Currently, it has 7 Buy, 3 Outperform, and 4 Hold ratings.
Seattle, Washington-based Dendreon Corporation is a biotechnology company. The company discovers, develops and commercializes therapeutics for treatment of cancer. The company’s PROVENGE is the only autologous cellular immunotherapy to receive approval from the U.S. FDA for treatment of minimally symptomatic metastatic castrate resistant prostate cancer.
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