The Morning After For Dendreon
The herky-jerky, stop-and-go cab ride I'm taking right now to O'Hare ain't nuthin' compared to yesterday's roller coaster ride at Chicago's McCormick Place.
And can I just say? Is Dendreon a giant magnet for high drama and intrigue or what?
This time I'm talking about the freakish, steep selloff in shares of DNDN that occurred within about a two-minute span before the stock got halted for trading around 1:30p.m. ET yesterday.
That was half an hour before the widely known embargo lift would occur on the detailed data for DNDN's prostate cancer treatment Provenge.
I have no idea what happened. Some guys I talked to say it was a real trade that sent things spiraling, others think someone accidentally pushed the wrong button.
CNBC's Scott Wapner, our guy at the Nasdaq, is trying to find out. The Nasdaq said it was investigating a potential erroneous trade, but soon after concluded that all trades would stand.
I'm guessing we may not have heard the end of it.
It had to be a heart-stopping event for a lot of investors. I hear some very quick-fingered traders, though, placed buy orders during the frenzy in the under $10 range.
Those guys, among others who may not have had automatic stop loss orders triggered during the mania yesterday, are probably gonna be fat and happy today.
That's because the upgrades and price target increases are rolling in on Dendreon this morning. Most notably, perhaps, is the one from Brean Murray Carret & Co.'s Jonathan Aschoff. He's raising DNDN to a "Buy" with a $35 price target. He's the guy who up until a few weeks ago had a "Sell" rating on the stock with a $1 target. What's more he's now telling clients Provenge might be priced as high as 80-grand. BMC makes a market in DNDN.
At the airport now. This better be a smooth flight.
UPDATE:CNBC's Scott Wapner at the Nasdaq reports that the Nasdaq says it is its policy to halt a stock "as close to news as possible" and that it has no plans to change that policy in the wake of yesterday's Dendreon trading action.
Questions? Comments? Pharma@cnbc.com and follow me on Twitter at mhuckman