Dendreon was worth the Gamble
Earlier this month we said throwing a few bucks at Dendreon Inc (DNDN) when it was trading at $4.07 was worth the gamble. Turned out it was in spades as DNDN shares are up 17% at $4.54. Expectations were so low, that today's so-so news was enough to rally shares.
Here's the 411 on Dendreon's move today, congrats to all those who listened to us:
The company posted a third-quarter net loss of $154.9 million, or $1.04 per share, compared with a loss of $147.1 million, or $1.00 per share, a year ago.
Excluding certain items, the company lost 59 cents. On that basis, analysts on average had expected an 86-cent loss, according to Thomson Reuters I/B/E/S.
Quarterly revenue rose to $78.0 million from $64.3 million.
Dendreon said its restructuring is on track and that it expects to see benefits associated with the initiative to be fully realized in the third quarter of 2013.
Dendreon was left for dead as we said. All it takes is some hope to boost a stock that is trading in the $4 range.
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