DNDN Dendreon: Merriman sees "quiet time” ending September 24 at Analyst Day; says its time to get in (23.12 -0.76) -Update-

Merriman notes that DNDN announced 2Q09 results posting a loss of ($1.20) compared with their est of ($0.18) and the consensus of ($0.17). The substantially greater than expected loss was due to the repricing of warrant liability. DNDN confirmed that after an FDA meeting in May '09, that the IMPACT data are sufficient for BLA resubmission in 4Q09 and that the company and agency are in continuous contact in order to ensure the addressing of each point raised by the FDA in the 2007 Complete Response letter. DNDN has indicated a much higher level of visibility on the anticipated launch of Provenge and intends to give a sense of expectations on the rollout and early ramp of the product. Firm says the Sep 24 Analyst Day is very important as this day is turning out to be a critical source of information for investors. Firm reiterates their Buy rating and tgt range of $49-50.