Dendreon's scalded investors

Investors who held shares of Dendreon Corp. in the belief that the company would meet its projected $350-$400 million in 2011 sales of its prostate cancer immunotherapy were crushed by last week's news the company was abandoning its guidance and restructuring, at least temporarily.

Dendreon lost 66% of its market cap, from $5.4 billion to $1.8 billion, as the stock lost $24.34 to $12.56 following lower-than-expected 2Q sales of Provenge sipuleucel-T for prostate cancer: $51.4 million vs. analyst estimates of $58.6 million. Net sales after rebates were $49.6 million...