The Seattle-based Dendreon Corporation (NASDAQ:DNDN), manufacturer of the prostate cancer medicine Provenge, reported that it would remove over 600 jobs and lower costs by $150 million during the coming 12 months as it looks to reach profitability.
Dendreon reported in a statement on Monday that Dendreon also will end a manufacturing facility in Morris Plains, New Jersey, with the objective of lowering cost of goods sold to below 50% of product revenue from its present level of 77%.
Chief executive officer John H. Johnson reported on a conference call that these changes were necessary and essential.
Dendreon reported on Monday that its net loss second-quarter narrowed 17% to $96.1 million or 65 cents per share, from a loss of $116 million or 79 cents per share in previous year.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Biosante Pharmaceuticals Inc (NASDAQ:BPAX) fell -2.60% to settle at $1.50, NewLink Genetics Corp (NASDAQ:NLNK) moved down -3.00% to end at $12.62 while Peregrine Pharmaceuticals (NASDAQ:PPHM) plunged -0.55% to finish on Monday at $1.81.
Dendreon Corporation (NASDAQ:DNDN) last session volume of 5.03 million shares was lower than its average volume of 5.33 million shares. The stock after opening at $6.44 hit high price of $6.50 and then closed at $6.18 by scoring -0.96%.
DNDN generated revenue of 396.67 million in the following twelve months and earned -$328.91 million. The Company showed a negative -82.92% in the net profit margin and as well as in its operating margin which remained -70.08%. Company’s annual sales growth for the past five years was +316.37%.
The DNDN past twelve months price to sales ratio was 2.40 and price to cash ratio remained 1.91. As far as the returns are concern, the DNDN return on equity was recorded as -81.62% and decreased -45.65% return on investment while its return on asset stayed at -31.74%.
The stock showed weekly downbeat performance of -0.48% which was maintained for the month at -14.99%. Likewise the negative performance for the quarter was recorded as -46.95% and for the year was -83.25% while the YTD performance remained at -18.68%.
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