VALLEY COTTAGE, N.Y., April 30 /PRNewswire/ -- Less than two weeks ago, early on April 15th, Stock Preacher, in their Stock Talk section, posted a Special Technical Report on Dendreon Corporation (Nasdaq: DNDN), which we have been watching since 2007, when we first learned about it.
On April 14, DNDN gapped open on positive news from the previous day's close of 7.30/shr, to 16.00/shr, ran to 22.00/shr and closed at 16.99/shr + 9.69 (132%) on 65,345,600/shrs on the day, and since has traded as high as 27.00/shr over the past several trading sessions. From a technical POV, DNDN has traded down to close the gap it posted on the opening on April 14. This is very positive and Bullish action.
When we go back to look at the Stock Talk coverage, the Red Roadmaster's analysis after the April 14, 2009 market action was overall Bullish: in the near term Very Bullish, mid-term Bullish, and long term Bullish.
That analysis has proven to be true and the shares are having a dramatic run here, with overhead resistance Nil, and strong underlying support 21.40.
Yesterday,(April 29, 2009) DNDN closed + 11.13/shr (95%) at 23.00 on 48,134,768/shrs., the high on the day was 27.00/.
Late Tuesday afternoon, the Company released data from a Phase III clinical study that showed Provenge extended the lives of men with advanced prostate cancer by an average of 4.1 months. According to published analysts, Dendreon should be able to file for regulatory approval during the Q-4 Y 2009, with possible approval during the first half of 2010.
This is Dendreon Corp (DNDN): Dendreon is developing therapeutic vaccines that boost the body's immune system to help it fight cancer by targeting dendritic cells, which initiate an immune response to disease-causing antigens. Its lead candidate is Provenge, a therapeutic vaccine that targets prostate cancer. Dendreon is also working on a therapeutic vaccine called Neuvenge as a treatment for breast, colon, ovarian, and kidney cancers; and it has research programs investigating cancer-fighting monoclonal antibodies and small molecule drugs. Its partners for its antibody programs include Amgen and Genentech
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Julio Serrano of Stock Preacher is a member of the National Association of Securities Dealers, CRD number 1603068.
|SOURCE Stock Preacher|
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