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Dendreon downgraded at ISI Group

As previously reported, ISI Group downgraded Dendreon to Neutral from Buy. Last night, Dendreon disclosed that Q1 consensus sales estimates for Provenge are too high. The firm believes the decline will be far more than the Street is estimating and that Q2 visibility and beyond is limited. The analyst believes shares are worth $4-$5 on a stand-alone DCF basis and up to $10 in a takeout.