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: Shareholders of biotech firm Dendreon
So what: In a mid-stage study, Johnson & Johnson's
To add insult to injury, the Securities and Exchange Commission disclosed a formal investigation into the company, which the company believes is based on potentially misleading statements surrounding Provenge and the company's finances. Now that's what I call a daily double-whammy!
Now what: Since "duck and cover" isn't officially listed as an investment strategy, today's move lower could represent an interesting buying opportunity if you think Dendreon can persuade physicians to prescribe its treatment. Dendreon's drug launch has been less than comforting for investors, and sales are moving in the right direction -- just not nearly as quickly as everyone had hoped. I remain optimistic that it will turn things around, but I must admit, my patience is waning.
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.
Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
The Motley Fool owns shares of Dendreon and Johnson & Johnson. Motley Fool newsletter services have recommended buying shares of, and creating a diagonal call position in, Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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