Stock Insights: Dendreon, Medtronic, FedEx, ArQule, Rentrak June 4th

Dendreon Corp. (NASDAQ:DNDN): After tests of cancer drugs from Johnson & Johnson (NYSE:JNJ) and Medivation (NASDAQ:MDVN) yielded results that Roth Capital views as positive, the firm believes that Dendreon’s (NASDAQ:DNDN) Provenge is at increased risk of losing market share. The firm lowered its target on Dendreon to $6.70 from $12 and maintains a Neutral rating.

Medtronic, Inc. (NYSE:MDT): After attending Medtronic’s Investor Day, Oppenheimer believes that the company’s management has taken important steps to improve growth and generate more cash. The firm maintains a $45 target and Outperform rating.

FedEx Corporation (NYSE:FDX): JPMorgan believes FedEx shares reflect low expectations at current levels and that the company’s restructuring could provide upside. The firm expects FedEx to report in-line Q4 results and FY13 guidance and keeps an Overweight rating on the stock.

ArQule Inc. (NASDAQ:ARQL): After ArQule reported increased overall survival in certain liver cancer patients who were treated by tivantinib, RBC Capital believes that the better than expected data should help restore confidence in the company. The firm maintains an Outperform rating on the stock.

Rentrak Corporation (NASDAQ:RENT): Brean Murray said Rentrak has under performed but believes shares offer significant upside citing strong traction from its TVEssentials set top box. The firm believes 2012 will be a trough year for earnings due to larger entities signing up for service and contract escalators which will kick in on multi-year contracts. Shares are Buy rated with $30 price target.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.