Dendreon (NASDAQ:DNDN) Should Meet Guidance Says Deutsche (NYSE:DB)

Based on guidance for Provenge by Dendreon (NASDAQ:DNDN), Deutsche Bank (NYSE:DB) raised their price target on the company, as checks confirms it.

Deutsche Bank said "despite some skepticism about Provenge market opportunity among individual centers, if we calculate the 2011 exit run rate based on our feedback from low, mid, and high-prescribing centers, we estimate on avg centers will treat -5.5 patients /mo. Assuming -100+ centers are up in next 12 months, this implies a $760M annual run rate, in line with guidance."

Guidance for 2011 from Dendreon was for $350 million to $400 million. It also appears there won't be a demand from the EMA for an additional ph 3 trial in order to gain approval.

Deutsche Bank maintains their "Buy" rating on Dendreon, which closed Friday at $38.20, up $2.78, or 7.85 percent. Deutsche raised their price target on them from $44 to $54.