The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider cancer treatment developer Dendreon (NASDAQ:DNDN). Though its pipeline shows significant promise, you'll find that more than a few of the 1,415 Motley Fool CAPS members weighing in on the company are bearish.

Here at the Fool, we like to consider both the good and the bad sides of an investment, so I'm highlighting three of the main bearish arguments on Dendreon. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Dendreon in CAPS.                                              

1. Waiting for profits
While Provenge could bring billions of dollars in annual sales if it gets approved, Dendreon expects to incur more losses for the next several years while it ramps up manufacturing capacity and marketing efforts. The company posted a wider loss in the third quarter, and some people prefer investing in a stock that has billions in free cash flow, like Pfizer (NYSE:PFE), Novartis (NYSE:NVS), or GlaxoSmithKline (NYSE:GSK), to complement dozens of potential drugs in development.        

2. Speculative play
Shares of Dendreon have earned a two-star rating in CAPS and have already generated huge gains this year, similar to the spike in Vanda Pharmaceuticals (NASDAQ:VNDA). While some CAPS members continue to be bullish about the potential of Dendreon's pipeline, others aren't willing to shoulder the additional risk priced into shares and shy away from the possible volatility involved with approval for Provenge and the uncertainty of its other drug candidates.

3. Uncertainties remain
Another high-cost drug, Eli Lilly's (NYSE:LLY) and Bristol-Myers Squibb's (NYSE:BMY) Erbitux, has come under scrutiny recently as lawmakers and health officials try to rein in medical costs. Some CAPS members show concern about the price Dendreon might be able to command for Provenge and the possible changes in health-care reform that might affect its pricing.

To see details of what CAPS members are saying now about Dendreon, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts in the comments box below.

The Motley Fool Inside Value team looks for beaten-down stocks that are selling at prices well below their intrinsic value. To see the full list of cheap companies the service is recommending today, take a free 30-day trial.

Fool contributor Dave Mock recommends three shots of brandy in the eggnog, but only if you won't be operating  heavy machinery. He owns shares of Pfizer, which is also an Inside Value recommendation. Novartis is a Global Gains pick. The Fool's disclosure policy survived Black Friday but remains concerned about shopping at the mall this week.