Dendreon stock spikes on strong 4Q revenue report
The Seattle-based maker of a prostate cancer therapy said it expects fourth-quarter product revenue to grow about 10 percent compared with the fall quarter.
The Associated Press
Shares of Dendreon jumped sharply higher Monday, after the prostate cancer therapy maker said it expects fourth-quarter product revenue to grow about 10 percent compared with the fall quarter.
The Seattle company forecast quarterly product revenue of about $74.8 million, which is up from the $68 million it reported in November for the third quarter. The projected figure would still represent a drop of about 12 percent year-over-year, but it topped Wall Street’s $72.8 million average estimate, according to FactSet.
Dendreon did not say when it will report its full results for the quarter.
The company also announced Monday the departure of Mark Frohlich, its executive vice president of research and development and chief medical officer. His replacement, Andrew S. Sandler, will also be the head of its Seattle operations.
The company said in November that it planned to eliminate about 150 jobs and cut $125 million in annual spending after it reported disappointing sales for its Provenge therapy. Dendreon posted a loss of $67.2 million, or 44 cents a share, for the three months that ended Sept. 30.
But the company also said then that more patients signed up for treatment in October than in any other month in 2013. Dendreon said Monday it continues to generate new physician interest in Provenge. It added 31 net new accounts for the prostate cancer therapy in the fourth quarter.
Shares of Dendreon climbed 9 percent, or 27 cents, to $3.26 Monday. The stock is still trading at about half of the $7.22 that it peaked at last February before sliding to bottom at $2.23 in October.