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by Jon C. Ogg
24/7 Wall St.



Dendreon (DNDN) won big yesterday after receiving panel backing from the FDA for Provenge for the treatment of advanced prostate cancer. The stock has reopened for trading just a few minutes ago and the prints are amazing. The prints have been all over the place, but as of 7:15 AM EST after it has been open for a few minutes the stock has shown more than a 200% rise. Shares closed Wednesday at $5.22 and were halted all day yesterday. The prints look to be around $16.00 but there looked like tehre were prints as low as $13.00 and as high as $18.00+.

Who knows exactly where this one will be by the open, but part of the reason for the meteoric rise outside of the news itself is the short sellers and the options traders. The open interest in the April and May option contracts was more than 300,000 contracts on a net basis and the March short interest grew to more than 26.4 million shares versus 20.3 million shares in February (so now more than 32.4% of the float). Needless to say, there are some short sellers getting kicked in the shorts this morning.

You can see a summary of the transcript of the conference call the company gave last night here with the Q&A from analysts.


Source: 247WallSt.com



RELATED READING:
- Dendreon Conference Call Transcript Summary & Commentary
- Dendreon's Big Day: Favorable FDA Review, Wild Trading Day Tomorrow
- Dendreon's Last Day Ahead of FDA
- Dendreon: A Make or Break Week
- Dendreon: Trading Strategy Ahead of FDA Review
- Dendreon Interest Remains; Early Volume Surges
- Dendreon's Stock Activity Ahead of FDA Review

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