Its better to get the PPS up to decency at 20 usd or so before a hostile takeover. So we are living at peril now for a takeover for chump change. Big pharmas have mcap of nearly 200 bill, so Dendreon is minuscule as a takeover target.
You're correct, DNDN would be a miniscule buyout for them so have you ever asked yourself why no one has made an offer after all of this time? Put that together with the huge short interest and that should be a huge hint where this company is most likely headed. I've seen this play out dozens of times over the years with other stocks all the while the stupid shareholders hold on yelling buyout. They all ended poorly and the stocks became worthless. I must admit that it's quite amusing to watch. It's like watching a ship that is sinking ever so slowly while mgt is running around trying to plug all the wholes as new holes get torn into the ship. Eventually the ship will sink when mgt cannot plug fast enough. I would put on your life preserver but better yet I'd advise to abandon ship.