UPDATE: Citadel Securities Initates Coverage on Dendreon

Citadel Securities has published a report on Dendreon (NASDAQ: DNDN) initiating coverage of the biotech company.

In the report, Citadel Securities wrote, "We expect competitor data from Johnson & Johnson's oral prostate cancer drug ZYTIGA to be available during 2012, with an interim look scheduled for 4Q11. Importantly, ZYTIGA oral formulation is a more convenient method for patients than PROVENGE's intravenous method."

Citadel Securities rated Dendreon a Neutral with a price target of $10.00. Dendreon closed Friday at $12.56.