Dendreon’s Shares Skyrocket On FDA Approval For PROVENGE

Dendreon Corp (NASDAQ: DNDN) shares have spiraled high just before trade was halted at 12:34 pm EST. The stock made a jump on a Fox Business report of the FDA approving Dendreon’s PROVENGE as a late-stage treatment for prostate cancer.

This approval was long awaited by shareholders, traders and people suffering from advanced prostate cancer.

DNDN’s shares had moved up 14.66% to $45.50, a new 52-week high, before NASDAQ halted trading in the stock. The stock was seeing high options activity for the past few days ahead of this week’s decision.

The target price for DNDN had recently been raised from $40 to $50 by Brean Murray, which considered the stock as “buy.”

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