Shares of Dendreon Corporation (DNDN) are dropping quickly. There is no news out as of yet for the recent sell off in shares, but volatility may be attributed to questions posted by the Centers for Medicare and Medicaid Services [CMS] ahead of Nov. 17 MedCAC panel.
Dendreon is best known for its Provenge Prostate cancer treatment which was cleared by the FDA back in April because it extends survival in patients.
On July 1, ’10, CMS issued a statement saying that it had started its national coverage analysis of Provenge to determine whether or not Dendreon’s Provenge is reasonable and necessary.
At last check, DNDN shares were down $1.22 to $41.36, a loss of 2.87% on 3+ million volume.