Dendreon Stock Plunges On Medicare Review

30/06/10

Nothing like an after-hours plunge in a stock. Dendreon shares fell as much as 23 percent this evening after the Centers for Medicare & Medicaid Services announced it is reviewing the prostate cancer vaccine to determine whether national coverage is “reasonable and necessary,” but a final decision won’t be made for an entire year. The stock later regained some of its losses to close at $26.69, but remains well below its 52-week high of $57.67 on May 3.
The agency will take public comments through July 30 “on the evidence regarding the effects of this treatment on health outcomes in patients with prostate cancer,” according to a statement, adding that it is “particularly interested in clinical studies and other scientific information relevant to the …

Original post by Pharmalot and software by Elliott Back

 

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