Dendreon (DNDN) stock fell 20% in afternoon trading after saying in its fourth quarter earnings report that sales of its prostate cancer drug Provenge have been weak in the first quarter.
Sales of Provenge could rise in the low single digits in the first quarter, as fewer patients have enrolled for treatments.
“We are looking toward potential changes to Provenge’s sales trajectory beyond ‘modest quarter over quarter growth’ and believe the company will get there but maintain our stance on the sidelines currently,” wrote Roth Capital Partners analyst Joseph Pantginis.
