Dendreon: Study Shows Provenge Could Prove Effective Against Progression of Prostate Cancer

Dendreon Corp. (DNDN) continues to challenge intraday highs with today’s strength being attributed to a study from the Oregon Health & Science University Knight Cancer Institute [OHSU] that suggests Provenge could potentially prove effective in slowing down the progression of prostate cancer in its early stages.

According to OHSU, an immunotherapy for prostate cancer, that is currently used to treat men whose illness has spread to bones and is regarded as debilitating, shows early promise in slowing cancer progression in men whose disease has recurred following surgery. The study results furthermore suggests that more research is warranted to determine if the Dendreon’s therapy, Provenge, could be effective in slowing the progression of the disease in its early stages.

Shares of DNDN traded up 50 cents during mid-day trading on Tuesday. The shares have had a greater than 1.3% range day today, with upside that saw the equity print a NHOD of $40.21. Since then the stock has retraced down below the $40.00 area at time of writing. Support below $38.10 is at 200 day- MA/$37.24. Below that, $36.00 and $35.00 would be next supports. Major resistance is at $44.88, the 52-week high and a pivot high.

The median Wall Street price target on the stock is $54.00 with a high target of $66.00. At last check, DNDN shares were up $0.33 to $39.84, a gain of 0.89% on 2.1 million volume.

Today’s trading range for shares of Dendreon has been between $39.38 – $40.21.

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