By now you know the news for Dendreon Corporation (NASDAQ: DNDN).Â It turns out that the pre-event snapshot gave a very close and accurate read on what to expect from the volatility trade in options ahead of PROVENGE getting FDA approval.
And this morning shares hit yet a new high of $55.00.Â At 10:50 AM EST we have shares up 9.05% at $54.72 on 18 million shares of common stock having traded hands.Â That is 4-times normal volume and this should put DNDN on track to trade even more shares this Friday than it did yesterday when it traded 30,615,100 for a $50.18 close.Â The closing bell the day before was $39.62.
We have also seen almost 60,000 CALL options trade today in the May-2010 expirations.
Dendreon traded 31 million shares on March 2, but this was only a $33.26 stock at the time. Then there is the point where Dendreon turned the corner last year:
- April 29â¦ 48,319,000 shares to close at $22.94.
- April 28â¦ 33,026,400 shares to close at $11.81.
Then there was April 14 when 65,410,500 shares traded for a close of $16.99 versus a $17.30 close the day before.
The last time for 30+ million before then was October 6, 2008, when 35,721,400 shares traded for a close of $6.93.
JON C. OGG