Dendreon Jumps on Word It’s Seeking a Suitor and 2 Other Hot Stocks to Watch
Dendreon Corp. (NASDAQ:DNDN): Current price $2.75
Dendreon shares are up by more than 10 percent Monday in high volume after the manufacturer of the prostate-cancer drug Provenge gained the most in nine months subsequent to Bloomberg News reporting that the firm is seeking a suitor, and is working with JPMorgan Chase & Co. to find them, said a person familiar with the matter. The firm, whose market value at one time was over $7 billion, has not met expectations for sales of Provenge, and its market capitalization hovered near $400 million prior to this report.
ARIAD Pharmaceuticals Inc. (NASDAQ:ARIA): Current price $4.05
On Monday, Glancy Binkow & Goldberg LLP announced that all purchasers of ARIAD securities between December 12, 2011 and October 8, 2013, inclusive have until December 9, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of Massachusetts. The filing alleges that the firm issued false and/or misleading statements and did not disclose material facts regarding ARIAD’s business, operations, and financial prospects. Nonetheless, ARIAD shares are up more than 14 percent Monday morning in heavy trading.
Sprint Nextel Corp. (NYSE:S): Current price $6.65
Expectations fell for Sprint‘s third quarter results in the 30 days leading up to its earnings report set for Wednesday. Consensus has dropped from a loss of 20 cents per share to the current forecast of a loss of 22 cents, slipping during the past three months from a loss of 17 cents. As for the fiscal year, analysts anticipate a loss of $1.15 per share, and expect revenue to decrease by 1 percent year-over-year to $8.69 billion for the quarter, having being $8.76 billion a year ago. For the year, revenue is estimated to come in at $35.03 billion.