Update (4:23 p.m.): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Dendreon Corp. (DNDN) rose 9.03% to $3.26, up from its previous close of $2.99, at the close of the trading day on Monday morning after the company announced its preliminary fourth-quarter 2013 revenue.
Dendreon hit a high of $3.48 and a low of $3.08 for the day and holds a one-year high of $7.22 and a one-year low of $2.23. On Monday, the stock had a volume of 17,158,698, nearly four times greater than its average volume of 4,421,270.
The Seattle-based biotechnology company announced it expects its net product revenue for the quarter to be approximately $74.8 million, a 10.1% sequential increase. The company also announced sequential growth in community oncology (19%), community urology (2%) and academic (5%). The report also stated that community accounted for 72% of total sales. Finally, Dendreon announced that its number of large accounts continued to grow to 100 in the fourth quarter, up from 94 in the third quarter, 85 in the second quarter and 54 in the first quarter.
Dendreon will make a presentation at the 32nd Annual J.P. Morgan Healthcare Conference in San Francisco on Jan. 15, 2014 at 2:30 p.m. PT.
TheStreet Ratings team rates Dendreon as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENDREON CORP (DNDN) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."