Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of biotechnology company Dendreon
So what: With Dendreon closing at just $6.25 on Tuesday, shareholders have to love research firm Summer Street's initiation of the stock with a buy rating and a price target of $18 -- nearly triple its current levels. That comes in stark contrast to research firm Wedbush Securities, which earlier this month reiterated its underperform rating on Dendreon with a price target of just $4.
Now what: I've said it before and I'll say it again: Ignore these one-day white noise events from analysts. Ratings and price targets are short-term event movers and have little bearing on the overall fair value price of a stock.
What really matters is whether Dendreon's Provenge prostate cancer treatment system can compete against a myriad of new drug hopefuls. Johnson & Johnson's
Craving more input? Start by adding Dendreon to your free and personalized watchlist so you can keep up on the latest news with the company.