3. Dendreon's Demise
What a long strange trip it's been for our buddies at Dendreon (DNDN). And a round trip at that.
Shares of the volatile biotech outfit sank 22% to $4.80 Tuesday -- a level not seen since early 2009 -- after it announced that revenue for its prostate cancer drug Provenge tumbled in the second quarter. The company said Provenge sales fell more than 2% sequentially to $80 million, thereby raising a legitimate question about slowing demand for the company's franchise immunotherapy in the face of new competition.
And that's not the only question raised about Dendreon in the wake of its latest train wreck (Ah, who can forget last summer's destruction which sent the stock from $35 to $10? Talk about falling off a fiscal cliff!) TheStreet's biotech ax Adam Feuerstein came up with a fistful of problems facing the company."Dendreon insists that Johnson & Johnson's (JNJ) competitive drug Zytiga is not having an impact on Provenge but
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